Here's a rundown of 11 significant news stories to keep you in the know:

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India growth rate likely to be above 7% for nearly a decade, says Axis Bank chief economist

India’s growth rate of more than seven percent is likely to persist for nearly a decade even as some forecasts have pegged the economy’s growth as slightly lower, Axis Bank chief economist Neelkanth Mishra said on July 19.

“India is at the cusp of an inflection and I think the growth rates will be 7 percent plus for nearly a decade,” he told CNBC-TV18, noting that the longer-term and medium-term outlooks are quite positive even as growth forecasts as per consensus are more or less in-line with what India has delivered over the last 15 years or so.

His remarks come over a month after India posted world-beating GDP growth of 6.1 percent in the January to March 2023 quarter and 7.2 percent in the 2022-23 financial year. This prompted several analysts to revise their projections for the current fiscal.

India's resilience shines amidst global economic slowdown, says World Bank President Ajay Banga

World Bank President Ajay Banga recently visited India and spoke about how India is doing well despite the global economic slowdown. He mentioned that India has come out strong from the challenges of the pandemic, but it's important to keep up the progress.

Banga praised India for some things that are helping it stay ahead during tough times. One advantage is that a large portion of India's GDP comes from within the country itself. This means India is less dependent on other countries for its economic growth.

Standard Chartered's bullish forecast | India set to become $6 trillion economy by 2030

Standard Chartered's India research team projected that India is set to transform into a $6 trillion economy by 2030. This projection is supported by several factors, including a remarkable increase in per capita income and strong structural growth drivers. Additionally, India's macroeconomic stability serves as a significant positive, further cementing its position as one of the world's leading economies.

By 2030, India is poised to secure its position as the world's third-largest economy, trailing only behind the United States and China. This achievement will mark a significant milestone for the country, further solidifying its role as a major player in the global economic landscape.

India's growth remains the highest among major economies: DEA Secretary Ajay Seth

At the recently concluded G20 Summit, Ajay Seth, Secretary of India's Department of Economic Affairs (DEA), spoke about India's economic performance and the challenges posed by inflation. He emphasised that "India's growth rate continues to be robust and remains the highest among major economies."

Seth highlighted that while India's inflation rate increased compared to the previous month, it is currently at a subdued level. He attributed some of the inflationary pressures to potential seasonal impacts, but assured that the government is closely monitoring the inflation numbers to address any potential challenges.

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