RBI Retains GDP Growth At 7.2% For Current Fiscal

Reserve Bank of India (RBI) on Wednesday retained the real GDP projection of 7.2 per cent for 2022-23.

In his speech after the meeting of the Monetary Policy Committee (MPC) of RBI, Governor Shaktikanta Das said, "RBI has retained the real GDP projection of 7.2 per cent for the year 2022-23. With first quarter projection to be at 16.2 per cent, second quarter estimate to be 6.2 per cent, third quarter growth estimate kept at 4.1 per cent and for the fourth quarter it is at 4 per cent, with risk broadly balanced."

Citing the provisional estimates released by the National Statistical Office (NSO) on May 31, Mr Das said India's GDP growth in 2021-22 is estimated at 8.7 per cent which has exceeded the pre-pandemic, that is, 2019-20 level.

With the assumption of a normal monsoon, in 2022 and the average crude oil price in the Indian basket of 105 dollars per barrel, the RBI Governor said inflation is now projected at 6.7 per cent in 2022-23.