the state of the economy india's growth trend is on the cusp of a post - pandemic upshift, with early signs of it rising above 7 per cent recorded during the 2000s before covid - 19 struck. while private consumption typically accounts for about 60 per cent of india's gdp, it is investment and exports that provide the turning points. in the period 2021 - 24, the export lever has been muted by global headwinds, but public expenditure on infrastructure is taking over as the locomotive of the step - up in the growth trend. recent surveys indicate that private investment is getting crowded in. 1 / 6 bis - central bankers'speeches india's recent growth performance has surprised many, triggering a flurry of upgrades. for instance, the international monetary fund ( imf ) has cumulatively revised its forecast for 2023 upwards by 80 basis points between april 2023 and january 2024. in its latest update, it expects india to contribute 16 per cent of global growth, the second largest share in the world in terms of market exchange rates by which metric, india is the fifth largest economy in the world and positioned to overtake germany and japan within the ensuing decade. in purchasing power parity ( ppp ) terms the indian economy is already the third largest in the world. according to the oecd's december 2023 update, india will overtake the us by 2045 in ppp terms to become the world's second largest economy. this underlying strength will also be reflected in the ppp value of the indian rupee ( inr ). opportunities in this setting, let me cite a few tailwinds that will likely power india's take - off. first, demographics favour the rising profile of growth. currently, india has the world's largest population and the youngest. the median age is around 28 years ; not until the mid - 2050s will aging set in. thus, india will enjoy a demographic dividend window of more than three decades, driven by a rising working age population rates and labour force participation rate. this is a striking contrast to a world widely confronted with the challenge of aging. second, india's growth performance has been historically anchored by domestic resources, with foreign savings playing a minor and supplementary role. in fact, india bears out the puzzle of high correlation between domestic saving and investment rates that was observed by martin feldstein and charles horioka way back in 1980. this is also reflected in

publication of a new plan of action for the 2018 - 2021 period. it includes objectives additional to the previous ones, including most notably the identification of target segments of the population not sufficiently catered for, the use of digital tools for the development of financial education initiatives and the strengthening of the plan ’ s network of collaborators, which provide a boost for and outreach to people in all social circumstances and situations. to attain these objectives, analysis and use of the results of the aforementioned survey of financial competences will naturally be pivotal. i have no doubt that, thus conceived, the financial education plan will play an important role in alleviating the risks arising from digitalisation in the provision of financial services. thank you very much for your attention. 7 / 7