Reserve Bank of India governor Shaktikanta Das, in the briefing after the monetary policy meeting, said that the real gross domestic product (GDP) growth for the financial year 2023 is estimated to be at 6.8 percent. Earlier in the last MPC meeting held in September, RBI had predicted the real GDP for FY23 to be at 7 percent.
He also added that 6.8 percent is a very strong growth impulse and India's growth remains resilient in these tough times.
"Earlier we had projected 7 percent real GDP growth for FY23 even after this revision for growth projection India will still be among the fastest growing major economies in the world,” said Das. Meanwhile S&P Global Ratings in November had reduced its estimates for India's economic growth to 7 percent for the current fiscal year, but added that the country's domestic demand-driven economy will be less affected by the global recession.
In September, S&P predicted that the Indian economy will expand by 7.3 percent in 2022–2023 and 6.5 percent in the following fiscal year (2023-24).
In October International Monetary Fund also lowered India's GDP forecast for FY2023 to 6.8 percent from earlier 7.4 percent citing impact of slowing global economy, inflation and war in Ukraine.
First Published: Dec 7, 2022 10:21 AM IST
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