Banking Daily News: 28th July 2023

India Set to Surpass Japan & Germany by 2027: SBI Report

India, as projected by the SBI report, is on track to become the world's third-largest economy by 2027, overtaking Japan and Germany. Achieving this milestone would require a growth rate of 8.4% CAGR, with a predicted GDP share of over 4% globally. States like Maharashtra and Uttar Pradesh are expected to reach a significant GDP of over $500 billion by 2027, while the nation's overall economy is expected to grow at a sustainable rate of 6.5-7.0% as the new normal.

Key Facts:

• SBI report forecasts India as the third-largest global economy by 2027, surpassing Japan and Germany.
• The projected growth rate needed is 8.4% CAGR till 2027, with a potential GDP share of over 4% globally.
• Maharashtra and Uttar Pradesh expected to achieve $500 billion GDP by 2027.
• India's overall economy predicted to grow at a sustainable 6.5-7.0% rate as the new normal.

RBI Clarifies: Star (*) Banknotes Replaced

The RBI has provided clarity on banknotes featuring a Star () symbol, asserting that they hold the same value and legal status as regular banknotes. The Star () symbol signifies that these notes are replacements for defectively printed ones, incorporated within a bundle of 100 sequentially numbered banknotes.

Key Points:

• RBI clarifies Star (*) symbol on banknotes signifies replacements, not different denominations.
• Star (*) symbol doesn't affect the value or legality of the banknote.
• It is used for defectively printed notes included as replacements in packs of 100 serially numbered banknotes.

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