RBI Monetary Policy retains growth forecast at 7.2% for FY23 on urban demand, normal monsoon

RBI Governor Shaktikanta Das said the central bank remains committed to price stability to put the country on the sustained path of growth

RBI Monetary Policy retains growth forecast at 7.2% for FY23 on urban demand, normal monsoon
The central bank in April slashed the GDP growth projection for 2022-23 to 7.2 per cent

The Reserve Bank of India on Friday retained its growth projection at 7.2 per cent for the current fiscal as it sees improvement in urban demand and gradual recovery in rural India aided by normal monsoon. Unveiling the fourth monetary policy for the current fiscal, RBI Governor Shaktikanta Das said the central bank remains committed to price stability to put the country on the sustained path of growth. The RBI expects growth in the first quarter of the current fiscal at 16.2 per cent, which will taper to 4 per cent by the fourth quarter. Das, however, cautioned that there are risks from the ongoing Russia-Ukraine war. The central bank in April slashed the GDP growth projection for 2022-23 to 7.2 per cent from its earlier forecast of 7.8 per cent.

Also read: RBI Monetary Policy Live: MPC hikes repo rate by 50 bps to pre COVID pandemic levels, highest since Aug’19

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