Active Stocks
Wed May 22 2024 11:19:54
  1. Tata Steel share price
  2. 172.15 -1.23%
  1. Kotak Mahindra Bank share price
  2. 1,687.50 -0.57%
  1. State Bank Of India share price
  2. 816.45 -1.70%
  1. ITC share price
  2. 439.90 1.14%
  1. NTPC share price
  2. 374.00 0.56%
Business News/ Economy / RBI Monetary Policy: GDP growth forecast for FY24 unchanged at 6.5%, says Governor Shaktikanta Das
BackBack

RBI Monetary Policy: GDP growth forecast for FY24 unchanged at 6.5%, says Governor Shaktikanta Das

In its bi-monthly monetary policy announced on October 6, RBI Governor Shaktikanta Das said the domestic economic activity exhibits resilience on the back of strong domestic demand in contrast to global trends.

RBI Monetary Policy Meet: GDP growth forecast for January-March 2024 (Q4FY24) has also been left unchanged at 5.7%.Premium
RBI Monetary Policy Meet: GDP growth forecast for January-March 2024 (Q4FY24) has also been left unchanged at 5.7%.

The Reserve Bank of India’s (RBI) on Friday kept the GDP growth forecast for FY24 unchanged at 6.5%.

In its bi-monthly monetary policy announced on October 6, RBI Governor Shaktikanta Das said the domestic economic activity exhibits resilience on the back of strong domestic demand in contrast to global trends.

The central bank kept the July-September 2023 (Q2FY24) GDP growth forecast unchanged at 6.5% and that for Q3FY24 at 6.0%.

GDP growth forecast for January-March 2024 (Q4FY24) has also been left unchanged at 5.7%.

For April-June 2024, or Q1FY25, GDP growth estimates has been kept unchanged at 6.6%.

Also Read: RBI Monetary Policy: Status quo on rates to policy stance - 5 key takeaways from RBI governor statement

The RBI’s Monetary Policy Committee (MPC) unanimously decided to keep the repo rate unchanged at 6.5% on Friday. The SDF rate remains at 6.25% while the MSF rate and the bank rate remain at 6.75%.

The central bank also retained its policy stance as the “withdrawal of accommodation" with five out of six MPC members voting in favour of this.

RBI Governor emphasised that the fight against inflation is not over yet and the central bank is targeting inflation at 4% and not between 2-6%.

Read here: RBI maintains CPI inflation forecast for FY24 at 5.4% 

The latest CPI inflation projection for FY24 is 5.4%, with Q2 at 6.4%, Q3 at 5.6% and Q4 at 5.2%. CPI inflation for Q1FY25 is projected at 5.2%.

Global headline inflation could remain high for a longer period than estimated. In contrast to global trends, domestic economic activity exhibits resilience on the back of strong domestic demand, said Governor Das.

Catch RBI Policy Live Updates here

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed - it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 06 Oct 2023, 11:08 AM IST
Next Story footLogo
Recommended For You