RBI Growth Projection: Announcing the decisions of the Monetary Policy Committee today, the Reserve Bank has said that in the financial year 2023, the country’s economic growth rate is expected to be at 7 percent instead of 7.2 percent. However, in the first quarter of the financial year 2024, India’s economic growth rate is estimated to be at 7.2 percent.
What is RBI’s growth forecast for different quarters of the year
RBI Governor Shaktikanta Das said that the growth of the service sector will play a major role in India’s economic growth rate for the financial year 2022-23. It is expected to grow rapidly and GDP growth will also increase from this. Talking about this year, in the second quarter of the financial year 2023, the GDP is estimated to grow at the rate of 6.3 percent. It is expected to grow at 4.6 per cent in the third quarter. At the same time, in the fourth quarter of the financial year 2023, GDP is expected to grow at the rate of 4.6 percent.
Stormy challenges before India – Das
Presenting the monetary policy review, Shaktikanta Das said that we are facing a new storm due to aggressive increase in the policy rate of central banks of various countries after the Kovid epidemic, Russia-Ukraine war. Economic activities in India are stable and work is being done to improve them in the coming times.
What are the reasons for the fall in Real GDP Growth Estimate
Shaktikanta Das said that five out of the six members of the Monetary Policy Committee have supported the policy rate hike and the majority members stressed that inflation should not be allowed to hinder the rate of economic growth. However, due to challenges, the RBI has reduced its economic growth forecast for the financial year 2022-23 from 7.2 percent to seven percent.
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