RBI Governor confident about India’s 6.5% growth in FY24

Mumbai, May 13 (KNN) India’s economy would grow close to 6.5 per cent in the current fiscal year, said Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday.

Expressing confidence in India’s growth for FY24 he said the country “would grow close” to 6.5 per cent.

In its April monetary policy, the RBI projected real GDP growth for 2023-24 at 6.5 per cent.

He was speaking after launching a book, Made in India, authored by Amitabh Kant, India’s G20 Sherpa and former CEO of NITI Aayog.

“International agencies like the IMF have given lower projections (for India’s growth for FY24) and we have sort of shared our thoughts with the IMF. We are reasonably optimistic and confident that the growth will be close to 6.5 per cent (in FY24),” Das said.

In December, the World Bank had revised its FY24 GDP forecast for India to 6.3 per cent from 6.6 percent. 

The IMF, too, has cut its GDP growth forecast for the country by 20 basis points to 5.9 per cent for this financial year.

Das said higher government capex of Rs 10 lakh crore, announced during the Union Budget, will support the growth.

According to the Governor, there are clear indications that the private sector investment has started picking up in various sectors, including steel, cement, petrochemicals.  (KNN Bureau)