Q1 GDP: India's Q1 GDP growth likely above 8%; key indicators to watch
RBI) at its latest bi-monthly monetary policy committee (MPC). RBI Governor Shaktikanta Das-led rate-setting panel projected India's real GDP growth for 2023-24 at 6.5 per cent with Q1 growth rate at 8 per cent.
According to economists who participated in a poll conducted by news agency Reuters, GDP growth is expected to beat the January-March quarter's 6.1 per cent rate, with forecasts ranging from 5.6 per cent to 9.1 per cent range. Ahead of the release of Q1 GDP data on Thursday, August 31, here are some of the economy's key indicators to watch: Government data showed that the country's consumer price index (CPI) inflation surged sharply to a 15-month high peak of 7.44 per cent in July 2023, driven by high food and vegetable prices.
July CPI print has breached the RBI's upper tolerance limit of 6 per cent for the first time in five months. The consumer food price index (CFPI) in July also surged to 11.51 per cent - the highest level since October 2020.
On a month-on-month level, retail inflation came in at 4.81 per cent in June after easing sharply to 4.25 per cent in May-which was a 25-month low. Broadly, India's inflation trajectory is expected to be benign this year, but highly vulnerable to changes in food prices, DSP Mutual Fund in its August edition of Netra report.
The central bank's MPC maintained a status quo on policy rates and stance in its August bi-monthly meeting, in line with Street estimates.
Announcing the RBI policy committee meeting outcome, RBI Governor Shaktikanta Das said, “The monetary policy committee unanimously decided to keep the repo rate unchanged at 6.50 per cent." Besides, the RBI MPC decided to keep the policy stance unchanged at ‘Withdrawal Of Accommodation’. “The cumulative rate hike
. Read more on livemint.com
