The announcement of the new monetary policy by the Reserve Bank of India (RBI), has increased the economic growth projection for the current financial year. The revised growth rate has now been revised to 6.5 percent from 6.4 percent earlier. This announcement has been made while unveiling the first bi-monthly monetary policy for the financial year 2023-24.
growth is expected
According to RBI estimates, the GDP growth rate in the first quarter of 2023-24 is expected to be 7.8 percent. On the other hand, talking about the latter quarter, according to RBI Governor Shaktikanta Das, the growth rate in the second quarter has been estimated to be 6.2 percent, in the third quarter 6.2 percent and in the fourth quarter, the growth rate has been estimated at 5.9 percent.
The Asian Development Bank also expects India's economic growth to moderate to 6.4 percent due to tighter monetary conditions and higher oil prices. It was 6.8 percent in the financial year 2023.
The estimated decline in GDP
The growth rate has been reduced to 6.3 percent against the estimate of gross domestic product (GDP) amid the increase in the estimate. The World Bank has estimated this in its latest 'India Development Update' (IDU). Earlier it was estimated at 6.6 percent in 2023-24.
Explain that the RBI MPC has decided not to make any changes in the new monetary policy rates. After the meeting ends today, it has been announced to keep the repo rates at the level of 6.50 percent. At the same time, before the meeting, there was an estimate of an increase in repo rate, reverse repo rate, and other related decisions. Economists believed that the repo rate could be increased by a quarter point or 25 basis points, but the RBI has decided not to increase it.
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