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1 week ago
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ARTICLE AD BOX
Michael Patra, former RBI deputy governor, stated that India's economic growth is primarily fueled by domestic resources, making it less reliant on foreign capital. He highlighted that this self-sufficiency is a significant advantage, as the country generates its own resources for growth. Consequently, India's current account deficit remains at a manageable 1% of GDP.
MUMBAI: India's rapid economic growth is sustained by domestic resources rather than foreign capital, former RBI deputy governor Michael Patra said amid external challenges, including tariffs imposed by US President Donald Trump."India self-finances its growth and doesn't depend on foreign capital for its investment," Patra said at an event here on Monday. "This is a major plus because we generate our own resources for growth. Hence the current account deficit, which is quite simply exports minus imports, is just 1% of GDP."
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