India’s GDP growth to breach 7% in FY23: RBI Governor

Ten News Network

New Delhi, 24/05/2023: Indian RBI governor Shaktikanta Das has remarked that India’s Gross Domestic Product growth could be more than 7% this fiscal year.

Speaking at the CII event in Delhi, he added that there is also a chance for the GDP growth to be higher than the last financial year.

Das added that practically all high-frequency indicators tracked by the central bank indicated that momentum was maintained in the last quarter of the previous fiscal year. It would not be surprising if India’s economy grew more than 7%.

According to him, India should expand at or near 6.5% in the current fiscal year, but downside risks exist.

The RBI anticipates retail inflation will be lower than 4.7 per cent in the coming month. “The war on inflation is far from over; we must remain vigilant,” Das remarked. “There is no room for sluggishness.” We’ll have to wait and watch how the El Nino effect plays out.”

In April, the Reserve Bank unexpectedly paused and retained the key benchmark policy rate at 6.5 per cent.

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