Rupee Stabilises Amid Global Uncertainty: A Path to India's Economic Growth

S Mahendra Dev, Chairman of the Economic Advisory Council to the Prime Minister, expressed optimism regarding India's economic growth and stabilization of the rupee at 92–93 against the US dollar. He advocates for sustained growth and investment to achieve developed nation status by 2047, amidst global economic shifts.

The Indian Rupee is expected to stabilize around the 92–93 level against the US dollar, according to S Mahendra Dev, Chairman of the Economic Advisory Council to the Prime Minister. He anticipates an improvement in foreign investment flows as geopolitical tensions ease, citing India's strong macroeconomic fundamentals.

Dev highlighted the importance of sustaining 7-8% growth and implementing reforms to achieve developed nation status by 2047. He praised India's economic resilience and fiscal management, highlighting the country's capacity for infrastructure spending despite global uncertainties.

While acknowledging external challenges, Dev remains optimistic about India's growth prospects. He stressed the necessity of increasing private sector investment and addressing manufacturing sector gaps to drive economic transformation. Dev also emphasized strengthening education, health, and digital infrastructure to realize India's demographic advantage.

(With inputs from agencies.)