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RBI MPC meet: GDP growth forecast retained at 7% for FY25
RBI MPC: The GDP growth target for Q1 FY25 was adjusted to 7.1% from the previous 7.2%. For Q2 FY25.
The RBI MPC estimated India's FY25 GDP growth at 7 percent, governor Shaktikanta Das said. This is the same as in the last policy and the RBI governor said that the decision was taken owing to strengthening of rural demand, improving employment conditions, better inflation which should boost private consumption. Prospect of investment is improving, he further said.
What RBI MPC said on GDP growth target?
Read more: RBI MPC meet live updates: RBI keeps repo rate unchanged at 6.5%
The GDP growth target for Q1 FY25 was adjusted to 7.1% from the previous 7.2%. For Q2 FY25, it was revised to 6.9%, up from the previous forecast of 6.8%. The growth rate for Q3 FY24 remains unchanged at 7% from previous forecasts.
What are government's GDP projections?
The government’s growth projection for FY24 is 7.6% while the RBI forecast is 7 per cent. The Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) estimated the GDP growth at 7 percent for FY25 in the last policy review.
Read more: What RBI governor said on repo rate, inflation, GDP growth: Top points
What World Bank said on India's GDP growth?
The Indian economy is projected to grow at 7.5 per cent in 2024, the World Bank said as it revised its earlier projections for the same period by 1.2 per cent. According to the report, South Asia is expected to remain the fastest-growing region in the world for the next two years. It said, “In India, which accounts for the bulk of the region’s economy, output growth is expected to reach 7.5% in FY23/24 before returning to 6.6% over the medium term, with activity in services and industry expected to remain robust."
