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 7 percent. Real GDP growth was at 13.5 percent in the corresponding period a year ago.
"Real GDP growth is lower than our expectations," said Das.
Adding more to the estimates Das said that for the second quarter, the GDP is estimated to be at 6.3 percent, and for the third and fourth quarters it is forecasted to be at 4.6 percent.
While for the first quarter of FY24 RBI has forecasted the GDP growth to be at 7.2 percent.
Meanwhile, the S&P Global Ratings has retained its 2022-23 growth projection for India’s economy at 7.3 percent owing to the impact of the global slowdown on its domestically-driven economy. In 2023-24, it has projected real GDP growth of 6.5 percent followed by 6.7 percent in 2024-25 and 6.9 percent in 2025-26. S&P had earlier projected a 7.8 percent growth for 2022-23 but had cut it down to 7.3 percent in May, citing inflation pressures.
"Growth projections have been cut after the release of first quarter data by NSE which comes below our forecast otherwise for the rest of the quarters there is a pick up in momentum, we remain focused on price stability as our primary goal and we also take into account our concerns about growth.," said Michael Patra, Deputy Governor, RBI in a press conference.
On the issue of a soft landing, he added that 'Soft landing is for advanced economics for India it is take-off.,"
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First Published: Sept 30, 2022 10:37 AM IST
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