Mumbai: The Reserve Bank of India (RBI) retained India’s real gross domestic product (GDP) growth rate at 7.2% for the current fiscal year. This was announced by RBI Governor Shaktikanta Das after the meeting of the Monetary Policy Committee (MPC) of the apex bank.
‘RBI has retained the real GDP projection of 7.2% for the year 2022-23. With first quarter projection to be at 16.2%, second quarter estimate to be 6.2%, third quarter growth estimate kept at 4.1% and for the fourth quarter it is at 4%, with risk broadly balanced’, said RBI Governor.
As per the data released by the National Statistical Office (NSO), the GDP growth of the country in 2021-22 is estimated at 8.7%. This has exceeded the pre-pandemic level. The RBI also projected inflation rate at 6.7%.
In April this year, RBI had lowered the GDP growth projection for 2022-23 to 7.2% from its earlier forecast of 7.8%.
RBI has also hiked the repo rate by 50 basis points to 4.9%. The key lending rate was hiked to combat inflation.