Real GDP growth for 2023-24 projected at 6.4%: RBI Governor Shaktikanta Das

Reserve Bank of India (RBI) Governor Shaktikanta Das on Wednesday in his address on the Monetary Policy 2023 spoke about Gross Domestic Product (GDP) growth forecast. The real GDP growth for 2023-24 is projected at 6.4%, he said.

"The global economic outlook doesn't look as grim now as it did a few months ago, growth prospects in major economies have improved while inflation is on a descent though inflation still remains well above the target in major economies," he said.

"The Real GDP growth for 2023-24 is projected at 6.4% with Q1 at 7.8%, Q2 at 6.2%, Q3 at 6% & Q4 at 5.8%" the RBI Governor added.

Projected growth forecast

• April-June 2023 GDP growth seen at 7.8 percent versus 7.1 percent earlier.
• July-September 2023 GDP growth seen at 6.2 percent versus 5.9 percent earlier.
• October-December 2023 GDP growth seen at 6 percent.
• January-March 2024 GDP growth seen at 5.8 percent.

Inflation projected at 6.5% for 2022-23

Speaking about inflation in India, Das highlighted that it is expected to average 5.6% in the 4th quarter of 2023-24. “Will maintain a strong vigil on inflation so that it remains within the band, aligns with the target going ahead,” he said. 

"Inflation is projected at 6.5% for the current financial year 2022-23. On the assumption of a normal monsoon, CPI inflation is projected at 5.3% for 2023-24," he said.

Unprecedented events of the last three years have put to test monetary policy across the world. Emerging market economies are facing sharp tradeoffs between supporting economic activity and controlling inflation while preserving policy credibility: RBI Governor Shaktikanta Das pic.twitter.com/1oHOMJXF2W

— ANI (@ANI)