RBI maintains India’s GDP growth estimate at 7.2% for 2022-23
The Reserve Bank of India (RBI) on Wednesday maintained its growth projection at 7.2% for financial year 2022-23 after three-day Monetary Policy Committee (MPC) meeting. Unveiling the third monetary policy for the current fiscal, RBI governor Shaktikanta Das underlined that the real GDP growth for the four quarters has been estimated at 16.2%,6.2%, 4.1%, and 4.0% for Q1, Q2,and Q3 and Q4, respectively.He, however, cautioned that there are risks from the ongoing Russia-Ukraine war.Earlier in April, the RBI had slashed the GDP growth projection for 2022-23 to 7.2 per cent, from its earlier forecast of 7.8 per cent.Das also highlighted the provisional estimates released by the National Statistical Office on India’s GDP growth in 2021-22, saying this level of real GDP in 2021-22 has exceeded the pre-pandemic level.The RBI governor said that boost in rural consumption is expected on the back of normal monsoon, as predicted by the Indian Meteorological Department (IMD). He added that rebound in contact intensive services will sustain urban consumption.“Assuming normal monsoon in 2022 and average crude oil price of $105 per barrel in Indian basket, inflation is projected at 6.7% in 2022-23,” Das said in a video statement, while noting that upside risks for inflation like elevated commodity prices, revision in electricity tariffs, high animal feed costs, supplychain bottlenecks, elevated international crude prices persist.”The war in Europe is lingering and we are facing newer challenges each passing day,” Das said, pointing to higher food and fuel prices.
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