Finance Ministry, RBI have one opinion on growth forecasts for FY 2023-24: CEA
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Chief Economic Advisor V Ananth Nageswaran said on Saturday that the government and the Reserve Bank of India are of the same opinion regarding the growth forecasts for the financial year 2023-24. Both have predicted 6.5 percent growth.
Kolkata. Chief Economic Advisor V Ananth Nageswaran said on Saturday that the government and the Reserve Bank of India are of the same opinion regarding the growth forecasts for the financial year 2023-24. Both have predicted 6.5 percent growth. RBI Governor Shaktikanta Das said after the Monetary Policy Committee (MPC) meeting on Thursday that the GDP growth rate for 2023-24 is estimated to be 6.5 percent.
The central bank had earlier said in April that the growth rate could be 6.4 per cent. Both the finance ministry and the RBI have projected 6.5 per cent growth in the current financial year, Nageswaran said at an event organized by the India Chamber of Commerce here. The momentum of domestic economic growth is strong enough to offset external risks. “We are also benefiting from lower oil prices and overall domestic macroeconomic stability,” he added. The CEA said the real GDP growth rate during the last fiscal was 7.2 per cent, lower than the 9.1 per cent recorded in the previous fiscal.
Nageswaran said, however, that I think the growth rate for the last financial year will be much higher than the 7.2 per cent. He said that India registered the fastest growth among major economies across all high-frequency parameters in April, which augurs well for the first quarter of the current fiscal. On agriculture, Nageswaran said though there are concerns about the El Nino effect, there is enough water in the country’s reservoirs and seeds and fertilizers are also available.
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