RBI projects real GDP growth for FY2022-23 at 7.8%

Governor Shaktikanta Das said in the Monetary Policy announcements that the central bank expects real GDP to grow at 7.8 per cent in FY2022-23. He added that the GDP growth for FY2021-22 is likely to be 9.2 per cent. 

“Real GDP growth is projected at 7.8 per cent for 2022-23, with Q1 at 17.2 per cent, Q2 at 7 per cent, Q3 at 4.3 per cent and Q4 at 4.5 per cent,” said the Governor. 

The RBI Governor said, “India is charting a different course of recovery from the rest of the world. India poised to grow at the fastest pace year-on-year among major economies as per projections by IMF. This recovery is supported by large scale vaccination & sustained fiscal & monetary support.”

Governor Das said that real GDP growth for 2021-22 takes it modestly above the level of GDP in 2019-20. “Private consumption, the main stay of domestic demand continues to trail its pre-pandemic level,” he said. 

The RBI also maintained the accommodative stance while keeping repo rate unchanged at 4 per cent and reverse repo rate unchanged at 3.35 per cent. 

Governor Das also projected CPI inflation at 5.3 per cent for FY2021-22 and 4.5 per cent in 2022-23. 

Also read: RBI keeps repo, reverse repo rates unchanged for 10th time in a row