world bank india gdp forecast
Even though the members of the RBI Monetary Policy have not made any significant change in the GDP growth forecast for FY2024, but have increased the growth forecast for the first quarter. According to the RBI MPC, the country’s growth in the first quarter can be 8 percent. After that RBI has shown the growth by reducing it. By the way, the RBI estimate for the entire financial year has been kept at 6.5 percent. Let us also tell you what RBI has said on the front of GDP or economy.
How will the growth be for the whole year
At the end of the June 2023 Monetary Policy Committee meeting on Thursday, Reserve Bank of India Governor Shaktikanta Das announced that real GDP growth for FY24 could be 6.5 per cent. Whereas in the first quarter it can come at 8 percent and in the second quarter at 6.5 percent. In the third and fourth quarter, GDP growth can be seen at 6 percent and 5.7 percent respectively. The governor said that the condition of domestic demand remains supportive for growth. He said that rural demand is increasing while urban demand remains resilient.
others guessed
Before the MPC meeting, estimates of GDP were made by many organizations. It was said by the OECD that the real GDP of the country could be 6 percent in the financial year 2024. While the World Bank had estimated 6.3 per cent, JP Morgan 5.5 per cent and UBS 6.2 per cent. Das announced that the MPC in its meeting unanimously kept the policy rate unchanged at 6.5 per cent.
What was the earlier estimate of RBI
In its February meeting, the MPC estimated FY24 real GDP at 6.4 per cent. In the first advance estimate, this FY2023 GDP figure was 7 per cent. According to the recent government data, GDP growth was seen at 6.1 percent in the fourth quarter of FY2023. At the same time, the GDP growth of the entire financial year was seen at 7.2 percent.
This has helped India maintain its position as the fastest growing major economy in the world. In FY22, the economy had grown at a speed of 9.1 per cent. However, it was on the lower base of a covid year FY 2021. If we look at the nominal growth, then there was a growth of 16.1 percent in the financial year 2023. In the last financial year, this growth was 18.4 percent.
Source: www.tv9hindi.com”