RBI Monetary Policy: The country will grow at a growth rate of 7.2 percent in FY23, RBI estimates
The Reserve Bank of India (RBI) has increased the repo rate for the third time in a row. RBI Governor Shaktikanta Das announced the results of the Monetary Policy Committee meeting on Friday. In a press conference, he said that the repo rate has been increased by 0.50 percent. After this hike, the effective repo rate has increased to 5.40 percent.
In the same press conference, Governor Shaktikanta Das also told about the RBI's estimate regarding the growth of Indian GPD. He said that the RBI did not make any change in the growth estimate and it will remain 7.2 percent for FY23. Earlier it was understood that some changes can be made in the growth rate estimate due to inflation and pressure from global markets, but Governor Das kept the growth rate stable as before, keeping confidence on monetary policies and economic reforms of the country. kept.
During this, he said that after the recovery of many crises, India's development will now grow at a faster pace. According to a report by Moneycontrol, it has been said that the GDP growth can be 16.2 percent between April-June. It is likely to remain at 6.2 per cent in the July-September quarter. It is likely to be 4.1 per cent in the October-December quarter and 4.0 per cent in the January-March 2023 quarter.
IMF had reduced its estimate
Late last month, the International Monetary Fund (IMF) slashed India's GDP growth forecast by 80 basis points to 7.4 per cent for the current fiscal. The IMF, in an update to its World Economic Outlook report on July 26, said, "For India, this amendment is primarily based on less favorable external conditions and more rapid policy tightening." it shows."
FICCI had said that the growth rate may remain 7 percent
Prior to that, Industry Chamber FICCI (FICCI) had cut India's GDP growth rate estimate. FICCI has reduced India's economic growth forecast for the current financial year (FY23) from 7.4 per cent to 7 per cent. Due to geo-political uncertainties, FICCI had reduced the growth rate estimate.