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Growth sustained by domestic resources, says ex-RBI deputy governor Michael Patra

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MUMBAI: India’s rapid economic growth is sustained by domestic resources rather than foreign capital, former RBI deputy governor Michael Patra said amid external challenges, including tariffs imposed by US President Donald Trump.“India self-finances its growth and doesn’t depend on foreign capital for its investment,” Patra said at an event here on Monday. “This is a major plus because we generate our own resources for growth. Hence the current account deficit, which is quite simply exports minus imports, is just 1% of GDP.”

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