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RBI Monetary Policy: GPD will pick up pace from the first quarter of FY24, estimated to grow at 7.2 percent

Highlights

The Reserve Bank of India has increased the repo rate by 0.50 percent.
India’s GDP is projected to grow at the rate of 7 percent for the financial year 23.
The growth momentum of the economy can pick up from the first quarter of FY24.

New Delhi. On Friday, 30 September 2022, the Reserve Bank of India announced its new monetary policy. During this, the central bank’s governor Shaktikanta Das has estimated India’s GDP to grow at the rate of 7 percent for the financial year 23. RBI also told about its estimate for each quarter.

RBI said in its growth estimate that the second quarter of FY23 has seen a growth rate of 6.3 per cent. In the third quarter of the same financial year, it can grow at 4.6 per cent and in the fourth quarter also at 4.6 per cent. Apart from this, Governor Shaktikanta Das also said that the growth momentum of the economy can pick up from the first quarter of FY24. It is expected that it will start running at the rate of 7.2 percent.

Also read – Repo rate hiked once again, 0.50% increase

Repo rate hiked for the fourth time in a row
Let us tell you that this time the Reserve Bank of India has increased by 50 basis points or 0.50 percent. This was announced by the Governor of Reserve Bank of India Shaktikanta Das. With this, the repo rate has now increased to 5.90 percent. This is the fourth increase in interest rates by the central bank this year. Earlier in August, the repo rate was increased by 50 basis points and the interest rates were increased from 4.90 per cent to 5.40 per cent.

ICRA estimates GDP growth rate at 7.2%
Rating agency ICRA (ICRA) had retained India’s economic growth forecast for the current financial year at 7.2 percent. Icra said on this Wednesday that the growth rate is expected to return to pre-Covid levels with increased suppressed demand. According to this estimate, the economic growth rate in the second quarter will be much lower than the GDP growth rate of the first quarter (13.5 percent) on an annual basis. It is likely to remain further lower in the next two quarters on a higher comparative basis.

Tags: business news, Former Reserve Bank of India (RBI) Governor, GDP, GDP growth, RBI, RBI Governor, Rbi policy

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