RBI Gov Expects India’s Q2 GDP Number To Report Positive Growth

Mumbai, Nov 1 (KNN) India’s GDP number for the second quarter will surprise everyone on the upside, said RBI Governor Shaktikanta Das on Tuesday.

As the growth momentum in the economy continues to be strong, Das said that geopolitical uncertainty is the biggest risk to global growth but was quick to add that India is better placed to deal with any potentially risky situation.

Speaking at the annual BFSI Insight Summit organised by Business Standard, Shaktikanta Das said the Reserve Bank of India (RBI) is watching the issue of attrition at some private sector banks “closely”.

In the comments that come amid some major banks reporting attrition rates of over 30%, Das said every bank has to build a core team to take care of such issues.

He also said that the career outlook of youngsters has changed with regard to job switching and added that the youth is "thinking differently" on the aspect now. He said that the RBI is looking at the issue as part of the regulatory supervision efforts.

India recorded GDP growth of 7.8% during the April-June period of 2023-24, the highest in the past four quarters, on the back of double-digit expansion in the services sector, retaining its position as the world's fastest-growing major economy.

The Gross Domestic Product (GDP) recorded a growth of 13.1% in the first quarter (Q1) of 2022-23, 6.2% in the second, 4.5% in the third and 6.1% in the last quarter.

India's 7.8% GDP growth in the April-June quarter is higher than the 6.3% recorded by China during the same period.  (KNN Bureau)