RBI Revises GDP Growth Projection to 7.2% Amid Rising Consumption and Rural Demand

The Reserve Bank of India has revised upwards its GDP growth projection for the current fiscal year to 7.2%. This adjustment is due to a rise in private consumption and a revival of demand in rural areas. Governor Shaktikanta Das and Deputy Governor Michael Debabrata Patra shared insights on domestic economic resilience and global economic trends during their bi-monthly monetary policy update.


PTI | Mumbai | Updated: 07-06-2024 16:17 IST | Created: 07-06-2024 16:17 IST
RBI Revises GDP Growth Projection to 7.2% Amid Rising Consumption and Rural Demand
AI Generated Representative Image
  • Country:
  • India

The Reserve Bank of India (RBI) has revised its GDP growth projection for the current fiscal year upwards to 7.2%, up from 7%. The revision is attributed to increasing private consumption and a rebound in rural demand.

During the unveiling of the bi-monthly monetary policy, RBI Governor Shaktikanta Das highlighted that India's real GDP growth is estimated to be 8.2% for 2023-24, according to the National Statistical Office (NSO). Das emphasized that private consumption is recovering, driven by steady discretionary spending in urban areas and a boost in rural demand from robust farm sector activities.

RBI Deputy Governor Michael Debabrata Patra quelled concerns regarding potential economic overheating, noting the recovery from the pandemic's severe output drop. The services sector and manufacturing are showing strong performance, buoyed by domestic demand and investment activities, supported by the government's continued focus on capital expenditure.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

Give Feedback