RBI retains FY24 GDP growth forecast at 6.5%

The Reserve Bank on June 8 retained the GDP growth projection for current fiscal year at 6.5%, on the back of supportive domestic demand conditions

The Reserve Bank on June 8 retained the GDP growth projection for current fiscal year at 6.5%, on the back of supportive domestic demand conditions.

In April, the central bank had marginally revised upwards the 2023-24 GDP growth projection to 6.5%, from its earlier forecast of 6.4%.

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Domestic demand condition remains supportive of growth and also the demand in rural areas is on the revival path, RBI Governor Shaktikanta Das said while announcing the 2nd bi-monthly policy for 2023-24.

India's economy grew 6.1% in the fourth quarter of 2022-23, pushing up the annual growth rate to 7.2%, as against 7 per cent anticipated earlier.

Mr. Das said the higher rabi crop production in 2022-23, the expected normal monsoon, and the sustained buoyancy in services should support private consumption and the overall economic activity in the current year.

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