India's GDP growth seen at 6.5% despite global headwinds, inflation to moderate: Key highlights from RBI MPC Minutes
Bank of India (RBI) released the minutes of the Monetary Policy Committee (MPC) meeting on Friday, October 20, highlighting that India's real gross domestic product (GDP) growth for 2023-24 is projected at 6.5 per cent. The rate-setting panel highlighted that headwinds from global factors like geopolitical tensions, volatile financial markets and energy prices, and climate shocks pose risks to the growth outlook.
The country's domestic demand conditions are expected to benefit from the sustained buoyancy in services, revival in rural demand, consumer and business optimism, the government’s thrust on capex, and healthy balance sheets of banks and corporates, according to the central bank. ‘’Taking all these factors into consideration, real gross domestic product (GDP) growth for 2023-24 is projected at 6.5 per cent, with Q2 at 6.5 per cent, Q3 at 6.0 per cent, and Q4 at 5.7 per cent, with risks evenly balanced.
Real GDP growth for Q1:2024-25 is projected at 6.6 per cent,'' said the MPC in its minutes. MORE TO COME"Exciting news! Mint is now on WhatsApp Channels
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