Competing for trillions.

"RBI Governor Shaktikanta Das made a hard case on why India is still in a strong economic position, despite him cutting the GDP growth forecast to 6.8% for the full fiscal year 2022-23." FE. "Despite macro challenges, Das said, the RBI thinks economic activity will remain strong in Q3." Fortune. "He argued India will remain among the fastest-growing major economies, even as rising recession possibilities characterise the global economy." To be fair, as governor of the Reserve Bank (RBI), he can hardly say that India's economy is precariously balanced and there is every chance that it may tank. But, what about others? "The Indian economy is expected to reach $7 trillion in the next seven years, chief economic advisor V Anantha Nageswaran has said." BS. It is expected to reach $3.5 trillion at the end of this financial year on 31 March. India's nominal GDP was $3.176 trillion in 2021. World Bank. When corrected for inflation, the real GDP should be much lower. Last June Nageswaran said, "The size of the Indian economy is projected to cross $5 trillion in 2026-27 and likely become $20 trillion by 2040." TOI. "India's real GDP is likely to expand by 7% in 2022-23," wrote Soumya Kanti Ghosh. He pours scorn on critics who argue that India is seeing a k-shaped recovery when it is so v-shaped. A two-wheeler is usually the first vehicle bought by the poor and lower middle-class. "Two-wheeler is the only automotive segment which has witnessed a year-on-year negative growth for three consecutive years. Sales in the financial year 2021-22 were the lowest in the last 10 years. In the first half of 2022-23, domestic sales did inch up, but volumes are still lower than what we saw in 2016-17, 2017-18, 2018-19 and 2019-20," said Rajesh Menon, director general, Society of Indian Automobile Manufacturers (SIAM). Mint. Pshaw, "In the current fiscal, at the current rate the two-wheeler sales could end at 1.6 crore (16 million), 10% higher than 2020-21, and almost equivalent to 2019-20 pre-pandemic levels." "Could" and "almost" could hide millions. As for borrowing against gold, it is very good. "Such loans have picked up significantly in the last few years, as with an increasingly formalised economy, farmers are now using this route to circumvent the money lenders who used to make a killing with the rate of interest for gold loans anywhere in the range of 24-36%." Indians borrow against gold only in extreme distress as a last resort. "The Marathwada region of Maharashtra reported 1,023 farmer suicides in 2022, up from 887 in the previous year, according to an official from the divisional commissioner's office." DNA. The real question is why the chief economic officer of the State Bank of India is campaigning for the government instead of writing about the health of banks. "Earlier this year, Bibek Debroy, chairman of the Economic Advisory Council to the Prime Minister said that India's GDP will be close to $20 trillion by 2047." The Wire gives a list of public officials acting as cheerleaders for the government. Natural. They don't want to lose what they are getting. They were beaten by Commerce Minister Piyush Goyal who predicted a $30 trillion economy. ET. It will soon be raining dollars. Get ready to collect.