India’s GDP is expected to grow at 7.8 percent in FY2022-23, said RBI Governor Shaktikanta Das on Thursday.
In a statement after the Monetary Policy Committee’s bi-monthly meet, Das said the real GDP growth is projected at 17.2 percent in Q1FY23, at 7 percent in Q2; at 4.3 percent in Q3 and Q4 at 4.5 percent.
“In India, real GDP growth at 9.2 percent for 2021-22 takes it modestly above the level of GDP in 2019-20. Private consumption, the mainstay of domestic demand, continues to trail its pre-pandemic level,” he said.
“The persistent increase in international commodity prices, the surge in the volatility of global financial markets and global supply bottlenecks can exacerbate risks to the outlook.”
On Thursday, RBI retained its key short-term lending rates during the sixth and final monetary policy review of FY22.
Further, the growth-oriented accommodative stance was retained to give a push to economic activity.
In addition, the RBI’s Monetary Policy Committee (MPC) maintained the repo rate, or short-term lending rate, for commercial banks, at 4 percent.
