2025, Vol. 6, Special Issue 2

The RBI’s monetary policy committee on 5 December 2024, left the policy unchanged (policy rate remain 6.5% since February 2023). The annual growth forecast for 2024-25 has now been brought down to 6.6% instead of 7.2% in the October resolution of MPC (Monetary Policy Committee). Growth forecast for quarters ending December 2024 and March 2025, now stand at 6.8% and 7.2% respectively, instead of the 7.4% for both these quarters in the October resolution of MPC. India is finding newer markets for exports and reducing cost of production, while enhancing quality of products to become competitive in global markets. Foundation ‘Viksit Bharat’ by 2047, has been laid by taking four segments- the youth, the poor, the women and the farmers. But the challenges and concerns of a growing population cannot be underscored because according to a recent report released by the United Population Fund, India now accounts for nearly 17.8% of the world population that is 1.44 billion (17 million more than China in 2024). Since India has the largest population in the world, the demand for goods and service will go up, not only for the present population, but also for the future population for a respectable living and quality of life. India would be dependent on developed countries for foreign capital (repayment of loans, interest, imports and scarce raw material including petroleum products, fertilizers, chemicals, pesticides, etc.). This makes out a case for perpetual dependence on developed countries, for making India, a self- reliant economy and economy of $7 T by the year 2030.