GDP figures were worse than predicted, surprised us, says RBI Governor Shaktikanta Das
The signs of economic slowdown were visible as early as February, and the narrative was very clear, said Shaktikanta Das, adding that the RBI was looking at ways to improve its forecasting methods
- Sep 16, 2019,
- Updated Sep 16, 2019 7:35 PM IST
The Reserve Bank of India (RBI) Governor Shaktikanta Das said on Monday that India's gross domestic production (GDP) growth at 5 per cent came as a surprise and was much lower than anticipated.
"We (the RBI) predicted growth at 5.8 per cent. Nobody predicted less than 5.5 per cent. The number came as a surprise, worse than all predictions," the RBI Governor told news channel CNN News18.
The RBI Governor said that bringing back the economy on growth trajectory should be the highest priority of the government.
Last week, International Monetary Fund (IMF) had said that India's economic growth is "much weaker" than expected, attributing it to the corporate and environmental regulatory uncertainty and lingering weaknesses in some non-bank financial companies.
"We are analysing as to why the growth figures are so low," Das said.
The Reserve Bank of India (RBI) Governor Shaktikanta Das said on Monday that India's gross domestic production (GDP) growth at 5 per cent came as a surprise and was much lower than anticipated.
"We (the RBI) predicted growth at 5.8 per cent. Nobody predicted less than 5.5 per cent. The number came as a surprise, worse than all predictions," the RBI Governor told news channel CNN News18.
The RBI Governor said that bringing back the economy on growth trajectory should be the highest priority of the government.
Last week, International Monetary Fund (IMF) had said that India's economic growth is "much weaker" than expected, attributing it to the corporate and environmental regulatory uncertainty and lingering weaknesses in some non-bank financial companies.
"We are analysing as to why the growth figures are so low," Das said.