GDP Growth Forecast At 6.5% For 2023-24, Says RBI

[ad_1]

The Reserve Bank of India (RBI) has maintained its GDP growth projection for the fiscal year 2023-24 at 6.5%, with Governor Shaktikanta Das noting that the Indian economy and financial sector remain resilient amidst global challenges.

The RBI's Monetary Policy Committee (MPC) anticipates that growth will fluctuate throughout the year, with an expected surge to 8% in the first quarter before tapering off to 5.7% by the final quarter. These projections suggest a robust start to the fiscal year followed by a gradual slowdown.

In a vote of confidence for the nation's economy, Mr Das said, "Indian economy and financial sector stand strong and resilient amidst unprecedented global headwinds." This optimism is reflected in the central bank's decision to keep the repo rate unchanged at 6.5%, reinforcing the stability of the nation's monetary policy.

The MPC is focusing its efforts on the withdrawal of accommodation of policy stance, indicating a possible tightening of monetary policy in response to inflation concerns. "Close and continued vigil on evolving inflation is absolutely necessary," stated Governor Das, signalling the central bank's commitment to maintaining price stability.

The RBI revised its retail inflation projection for FY'24 downwards to 5.1% from an earlier estimate of 5.2%. Despite this slight decrease, the Governor emphasized that headline inflation is above the RBI's target of 4% and is expected to remain so for the rest of the year.

The Governor also offered a cautious note on global economic activity. "The pace of global economic activity to decelerate due to the geopolitical situation," said Das, highlighting the potential challenges that lay ahead.

The RBI's forward guidance underscores the delicate balance the central bank faces in navigating economic growth and inflation risks. It will continue to closely monitor the evolving economic landscape and make adjustments as necessary to preserve stability in the Indian financial system.

[ad_2] Source link https://worldnews2023.com/top-stories/gdp-growth-forecast-at-6-5-for-2023-24-says-rbi/?feed_id=65621&_unique_id=64cfd9def1b6a

Comments

Post a Comment

Popular posts from this blog

Real Housewives of Beverly Hills couple Kyle Richards and Mauricio Umansky ‘seperate’

Image
[ad_1] Stay ahead of the trend in fashion and beyond with our free weekly Lifestyle Edit newsletter Stay ahead of the trend in fashion and beyond with our free weekly Lifestyle Edit newsletter Real Housewives of Beverly Hills ’ Kyle Richards and Mauricio Umansky have reportedly separated after 27 years of marriage. Richards joined the popular Bravo reality series in 2010 with Umansky making regular appearances over the last 13 years. “Kyle and Mauricio have been separated for a while now but are still living under the same roof. They remain amicable as they figure out what’s next for them and their family,” a source confirmed to People on Monday (3 July). The separation will affect both Real Housewives , which is gearing up for its 13th season, and the Netflix reality series Buying Beverly Hills, which follows Umansky’s real estate business as two of their daughters work as agents. Richards has already filmed the second season of the Netflix show, according to Deadline . The I
Read more

Pfizer RSV vaccine for infants has 'generally favorable' safety data, FDA staff say

Image
[ad_1] Blood sample for respiratory syncytial virus (RSV) test Jarun011 | Istock | Getty Images U.S. Food and Drug Administration staff on Tuesday said Pfizer's vaccine that protects infants from respiratory syncytial virus has "generally favorable" safety data. The FDA staff made the conclusion in briefing documents ahead of a meeting on Thursday when a panel of external advisors to the agency will discuss whether to recommend full approval of the RSV shot . The advisors will vote on whether Pfizer's late-stage clinical trial data on the vaccine supports its safety and efficacy. The FDA typically follows the advice of its advisory committees, but is not required to do so. The agency is slated to make a decision on whether to clear the shot in August before RSV season in the fall. If approved, Pfizer's jab would become the world's first vaccine that protects infants against RSV.  RSV usually causes mild, cold-like symptoms. But infants and older ad
Read more

Casemiro has improved Man Utd: Maguire | The Express Tribune

Image
[ad_1] LONDON: Casemiro scored twice as Manchester United turned on the style to beat 10-man Reading 3-1 and reach the FA Cup fifth round on Saturday as Tottenham forward Son Heung-min ended his recent goal drought. On a day lacking major shocks, there were wins for Premier League strugglers Leeds, Leicester and Southampton but Fulham were held by Championship side Sunderland. United – fourth in the Premier League and within touching distance of a place in the League Cup final – produced more compelling evidence they are back on track under new manager Erik ten Hag . The home side took the lead at Old Trafford in the 54th minute when Anthony produced a defence-splitting pass to find Brazil teammate Casemiro, who lifted the ball over goalkeeper Joe Lumley. Four minutes later United were two up, when Casemiro let fly with a stunning strike from outside the box to find the bottom corner. With the home side brimming with confidence, substitute Fred produced an audacious flic
Read more