May 24th, New Delhi: According to trends, India’s GDP for FY23 might exceed the predicted 7% growth rate, according to Reserve Bank of India (RBI) Governor Shaktikanta Das on Wednesday.
Das said at the annual meeting of the Confederation of Indian Industry (CII) here that the GDP growth projection for FY23 is 7%.
According to him, if current trends continue, GDP growth might exceed 7%.
Das predicted that India’s GDP growth rate for FY24 will be 6.5 percent.
He said that the decision to pause interest rate rises was not in his control but was determined by the ground-level reality.
The central bank head said that the fight on inflation is still ongoing and that it remains to be seen how the El Nino factor affects agricultural output.
Das said that, although inflation has slowed, one should not get comfortable.
He believes that the RBI would pursue a cautious policy in order to assist the economy and ensure financial stability.
In terms of the currency situation, Das said that the Russia-Ukraine conflict caused an outflow of capital, forcing the RBI to act in order to preserve stability. The FX reserves are at about $599.5 billion.
