RBI says India’s Q1FY24 actual GDP development is projected at 7.8 per cent, Q2 at 6.2 per cent, Q3 at 6.1 per cent, and This fall at 5.9 per cent.
RBI Governor Shaktikanta Das says India’s financial exercise stays resilient and is anticipated to have grown 7 per cent in FY23
The Reserve Bank of India (RBI) on Thursday revised upwards India’s GDP forecast to six.5 per cent, from 6.4 per cent forecast earlier. RBI Governor Shaktikanta Das stated India’s financial exercise stays resilient and is anticipated to have grown 7 per cent in FY23.
While presenting the primary bi-monthly financial coverage assertion of FY24, RBI Governor Shaktikanta Das on Thursday stated, “The international financial system is witnessing a renewed section of turbulence with recent headwinds from the banking sector turmoil in superior economies.”
Stating that India’s economic activity remains resilient, he said the country’s real GDP growth for FY24 is projected at 6.5 per cent, with Q1 at 7.8 per cent, Q2 at 6.2 per cent, Q3 at 6.1 per cent, and Q4 at 5.9 per cent.
The RBI’s projection of 6.5 per cent for FY24 is close to the Economic Survey’s forecast. The Survey had projected a baseline growth rate of 6.5 per cent with a range of 6-6.8 per cent.
The 7 per cent projection of the RBI for FY23 is the same as the official second advanced estimate released in February.
On Tuesday, the World Bank and Asian Development Bank cut India’s growth forecast for FY24 to 6.3 per cent and 6.4 per cent, respectively.
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