Highlight
- RBI today retained its growth forecast for the current fiscal at 7.2%
- RBI Governor Shaktikanta Das unveiled the fourth monetary policy for the current financial year
- RBI expects 16.2 per cent growth in the first quarter of the current fiscal
RBI Monetary Policy: The Reserve Bank of India (RBI) on Friday (August 5) retained its growth forecast for the current fiscal at 7.2 per cent as it sees a gradual recovery in rural India on the back of a recovery in urban demand and a normal monsoon.
Unveiling the fourth monetary policy for the current fiscal, RBI Governor Shaktikanta Das said that the central bank is committed to price stability to keep the country on a sustainable path of growth.
The RBI expects a growth of 16.2 per cent in the first quarter of the current fiscal, which will come down to 4 per cent by the fourth quarter.
Das, however, cautioned that the current Russo-Ukraine war poses risks.
The central bank in April slashed the GDP growth forecast for 2022-23 to 7.2 per cent from its earlier estimate of 7.8 per cent.
(with inputs from agencies)
, Read also: RBI hikes benchmark lending rate by 50 basis points to curb inflation; EMI will be expensive
read alsoTo control inflation, RBI may increase policy rates tomorrow