India's GDP Growth May Even Cross 7% in FY23: RBI Governor
There are chances of India's gross domestic product (GDP) for FY22-23 crossing the estimated 7% growth going by the trends, Reserve Bank of India (RBI) governor Shaktikanta Das said on Wednesday.
Speaking at the annual conference of the Confederation of Indian Industry (CII) here Mr Das noted that for FY22-23, the estimates for GDP growth is 7%.
He said going by the trends, there is a possibility that the GDP growth may cross the 7% mark.
Mr Das was confident that India's GDP growth rate for FY23-24 at 6.5%.
On pausing the interest rate hikes, he said it was not in his hands but dictated by the ground level situation.
The central bank chief said the war on inflation is still on and not over and one has to see how the El Nino factor plays out for agriculture production.
Mr Das said though the inflation has moderated, one cannot be complacent on that count.
According to him, the RBI will follow a prudent policy to support the economy and maintain financial stability.
On the forex situation, Mr Das said the Russia-Ukraine war resulting in the outflow of funds and the RBI had to intervene to maintain stability. The forex reserves currently is at about US$599.5bn (billion).
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
US Banking Fragility and Indian Banks: An Alternative Viewpoint
Saket Hishikar, 15 May 2023
The sudden collapse of three US banks in 2023 was a major financial event that rocked the world of finance for a time. The event was described as localised but was different from the 2008 global financial crisis, in the sense that...
Unofficial result shows Thai oppn parties win majority seats in general election
IANS 15 May 2023
Unofficial result of the THai general election showed the opposition parties have won the majority of seats in the lower house of parliament, the Election Commission said Monday.
As of 99.18 per cent vote counting which is...
What Is Behind the K-shaped Growth?
Debashis Basu, 12 May 2023
Last week, I was chatting with a director of a kitchen appliances company and he mentioned that "pots and pans are not selling well." This is borne out by the poor sales growth of all kitchen appliance companies. On the other hand,...
Key Difference Between Old & New Tax Regimes
Sponsored Post 19 April 2023
The New Tax Regime was first announced in 2020 which saw only a few takers. Before the introduction of the New Tax Regime, there was only one Regime – the Old Tax Regime. More recently, the New Tax Regime was again updated in the...
Free Helpline
Legal Credit