RBI retains GDP growth at 7.2 pc, inflation projected at 6.7 pc for FY 2022-23
Sunday, June 26, 2022
  • Circulation
  • Advertise
  • About Us
  • Contact Us
Organiser
  • ‌
  • Bharat
  • World
  • Editorial
  • Analysis
  • Opinion
  • Defence
  • Sports
  • Business
  • More
    • RSS in News
    • Special Report
    • Culture
    • Sci & Tech
    • Entertainment
    • Education
    • Books
    • Interviews
    • Travel
    • Health
    • Obituary
SUBSCRIBE
No Result
View All Result
Organiser
  • ‌
  • Bharat
  • World
  • Editorial
  • Analysis
  • Opinion
  • Defence
  • Sports
  • Business
  • More
    • RSS in News
    • Special Report
    • Culture
    • Sci & Tech
    • Entertainment
    • Education
    • Books
    • Interviews
    • Travel
    • Health
    • Obituary
No Result
View All Result
Organiser
No Result
View All Result
  • Home
  • Bharat
  • World
  • Editorial
  • Opinion
  • Analysis
  • Culture
  • Defence
  • RSS in News
  • Subscribe
Home Bharat

RBI retains GDP growth at 7.2 pc, inflation projected at 6.7 pc for FY 2022-23

Citing the provisional estimates released by the National Statistical Office on May 31, RBI Governor Shaktikanta Das said India's GDP growth in 2021-22 is estimated at 8.7 per cent, which has exceeded the pre-pandemic, that is, 2019-20 level.

WEB DESK by WEB DESK
Jun 8, 2022, 11:41 am IST
in Bharat
RBI Governor Shaktikanta Das (Photo Source: ANI)

RBI Governor Shaktikanta Das (Photo Source: ANI)

Share on FacebookShare on TwitterTelegramEmail

Mumbai (Maharashtra) [India]: Reserve Bank of India (RBI) retained the real GDP projection of 7.2 per cent for the year FY 2022-23.

Addressing a press conference following a three-day meeting of the RBI’s Monetary Policy Committee (MPC), RBI Governor Shaktikanta Das on Wednesday (June 8) announced that the inflation is now projected at 6.7 per cent.

“RBI has retained the real GDP projection of 7.2 per cent for the year FY 2022-23. With Q1 at 16.2 per cent, Q2 6.2 per cent, Q3 at 4.1 per cent and Q4 at 4 per cent with risk broadly balanced,” the RBI Governor said in a press conference here.

Citing the provisional estimates released by the National Statistical Office on May 31, Das said India’s GDP growth in 2021-22 is estimated at 8.7 per cent, which has exceeded the pre-pandemic, that is, 2019-20 level.

With the assumption of a normal monsoon in 2022 and the average crude oil price in the Indian basket of 105 dollars per barrel, the RBI Governor said inflation is now projected at 6.7 per cent in 2022-23.

“Limits for individual housing loans extended by urban cooperative banks and rural cooperative banks, last fixed in 2011 and 2009 respectively, being revised upwards by over 100 per cent taking into account increase in house prices. It’ll facilitate a better flow of credit to the housing sector,” he said.

The central bank also increased the policy repo rate by 50 basis points to 4.9 per cent, the second hike in five weeks aimed at quelling the inflation. “The MPC voted unanimously to increase the policy repo rate by 50 bps to 4.90 per cent,” Das said.

He also said the MPC vote was unanimous and has decided to keep its stance on withdrawal from accommodative.

“Consequently, the standing deposit facility – the SDF rate – stands adjusted to 4.65 per cent and the marginal standing facility – MSF rate and bank rate – to 5.15 per cent,” he said.

Last month, in its off-cycle monetary policy review, the central bank hiked the policy repo rate by 40 basis points or 0.40 per cent to 4.4 per cent. This was the first increase in the policy repo rate in nearly two years. The repo rate is the interest rate at which the RBI lends short-term funds to banks.

According to the government data, India’s retail inflation surged to an eight-year high of 7.79 per cent in April due to a sharp jump in fuel and edible oil prices. Consumer Price Index (CPI) inflation in April 2022 is the highest since May 2014, when it stood at 8.33 per cent. (ANI)

Topics: IndiaIndia EconomyInflationIndia GDP
ShareTweetSendShareSend
Previous News

Dutch lawmaker Geert Wilders calls Nupur Sharma heroic, says Muhammad’s ideology is offensive and abusive

Next News

India beats Qatar, sets new Guinness World Record by constructing 75 Km bituminous stretch on NH-53 in less than 5 days

Related News

‘Congress snatched Constitutional rights of every Indian overnight for power’: Amit Shah on 47 years of Emergency

‘Congress snatched Constitutional rights of every Indian overnight for power’: Amit Shah on 47 years of Emergency

At UNSC briefing on Afghanistan India expresses grief over tragic earthquake, vows to provide support

At UNSC briefing on Afghanistan India expresses grief over tragic earthquake, vows to provide support

China’s appalling behaviour in South China Sea akin to what India saw at LAC: Australian Defence Minister

China’s appalling behaviour in South China Sea akin to what India saw at LAC: Australian Defence Minister

India reports 12,249 new COVID cases, 13 deaths

Presidential Election: Gopalkrishna Gandhi Declines Opposition’s Offer To Be Presidential Candidate

Presidential Election: Gopalkrishna Gandhi Declines Opposition’s Offer To Be Presidential Candidate

Relations with ‘Afghan people’ continues & this guides Indian policy, says Jaishankar

Pakistan’s Cross border terror can’t force India to talks, says EAM Dr S Jaishankar

Comments

The comments posted here/below/in the given space are not on behalf of Organiser. The person posting the comment will be in sole ownership of its responsibility. According to the central government's IT rules, obscene or offensive statement made against a person, religion, community or nation is a punishable offense, and legal action would be taken against people who indulge in such activities.

Latest News

After Teesta Setalvad, Ex-IPS officer RB Sreekumar arrested for furnishing false information about Gujarat riots

After Teesta Setalvad, Ex-IPS officer RB Sreekumar arrested for furnishing false information about Gujarat riots

‘Sneha Bodhi’ unveiled at Kesari headquarters: “Buddha’s philosophy led Bharat to a higher truth,” says J Nandakumar

‘Sneha Bodhi’ unveiled at Kesari headquarters: “Buddha’s philosophy led Bharat to a higher truth,” says J Nandakumar

Gujarat anti-terrorist squad team arrests Teesta Setalvad in Mumbai

Gujarat anti-terrorist squad team arrests Teesta Setalvad in Mumbai

Rebel MLAs should ask for votes in their father’s name, not in the name of Balasaheb, says CM Uddhav Thackeray

Rebel MLAs should ask for votes in their father’s name, not in the name of Balasaheb, says CM Uddhav Thackeray

Communist China uses textbooks as new weapons of propaganda to brainwash Hong Kong school children

Communist China uses textbooks as new weapons of propaganda to brainwash Hong Kong school children

Maharashtra Political Crisis: Eknath Shinde-led rebel MLAs name their faction ‘Shiv Sena Balasaheb’

Maharashtra Political Crisis: Eknath Shinde-led rebel MLAs name their faction ‘Shiv Sena Balasaheb’

That’s when I knew I wanted to do that too: Sachin Tendulkar reminisces over India’s triumph in 1983

That’s when I knew I wanted to do that too: Sachin Tendulkar reminisces over India’s triumph in 1983

Mayawati extends support to NDA’s presidential candidate Draupadi Murmu, slams Opposition’s casteist attitude

Mayawati extends support to NDA’s presidential candidate Draupadi Murmu, slams Opposition’s casteist attitude

Maharashtra crisis: 46 MLAs with us, we are Balasaheb Thackeray’s Shiv Sainiks, says Eknath Shinde

Maharashtra political crisis: Eknath Shinde calls meeting of rebel MLAs to discuss further strategy

4000-year-old copper weapons found in Uttar Pradesh’s Mainpuri date back to the Mahabharata period?

4000-year-old copper weapons found in Uttar Pradesh’s Mainpuri date back to the Mahabharata period?

  • Privacy
  • Terms
  • Cookie Policy
  • Refund and Cancellation
  • Delivery and Shipping Policy

© Bharat Prakashan (Delhi) Limited.
Tech-enabled by Ananthapuri Technologies

No Result
View All Result
  • Home
  • Bharat
  • World
  • Editorial
  • Analysis
  • Opinion
  • Defence
  • Culture
  • Sports
  • Business
  • RSS in News
  • Special Report
  • Sci & Tech
  • Entertainment
  • Education
  • Books
  • Interviews
  • Travel
  • Health
  • Obituary
  • Subscribe
  • Advertise
  • Circulation
  • About Us
  • Contact Us
  • Privacy Policy
  • Cookie Policy
  • Terms of Use
  • Refund and Cancellation

© Bharat Prakashan (Delhi) Limited.
Tech-enabled by Ananthapuri Technologies