The Reserve Bank of India (RBI) on Thursday revised upwards India’s GDP forecast to 6.5 per cent, from 6.4 per cent forecast earlier. RBI Governor Shaktikanta Das said India’s economic activity remains resilient and is expected to have grown 7 per cent in FY23.
While presenting the first bi-monthly monetary policy statement of FY24, RBI Governor Shaktikanta Das on Thursday said, “The global economy is witnessing a renewed phase of turbulence with fresh headwinds from the banking sector turmoil in advanced 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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