RBI retains FY24 GDP forecast at 6.5%
The Hindu
RBI retains GDP growth projection at 6.5% for FY20-21; raises inflation projection to 5.4% due to vegetable prices. Recovery in kharif sowing, services & consumer optimism to support household consumption.
The RBI on August 10 retained the GDP growth projection for current fiscal year at 6.5% and raised the inflation projection marginally to 5.4% due to spike in vegetable prices, including tomatoes.
Unveiling the bi-monthly monetary policy, Reserve Bank Governor Shaktikanta Das said domestic economic activity is maintaining resilience.
He also said the recovery in kharif sowing and rural incomes, the buoyancy in services and consumer optimism should support household consumption.
"Headwinds from weak global demand, volatility in global financial markets, geopolitical tensions and geoeconomic fragmentation, however, pose risks to the outlook," Mr. Das said.
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Taking all these factors into consideration, real GDP growth for 2023-24 is projected at 6.5% with Q1 at 8%; Q2 at 6.5%; Q3 at 6.0%; and Q4 at 5.7%.
Real GDP growth for Q1 of 2024-25 is projected at 6.6%.
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