Reserve Bank of India (RBI) Governor Shaktikanta Das projected the real GDP growth rate for FY23 at 6.8 percent on December 7 down from the 7 percent estimated earlier.
The central bank chief estimated the economic growth for the third quarter of FY23 at 4.4 percent (versus 4.6 percent earlier), and for the fourth quarter at 4.2 percent (4.6 percent earlier).
On the inflation front, the central bank has retained its retail inflation forecast for the current financial year at 6.7 percent.
The central bank forecasts the CPI inflation to be around 6.6 percent in October-December 2022, 5.9 percent in January-March 2023, 5.0 percent in April-June 2023, and 5.4 percent in July-September 2023.
“The battle against inflation is not over,” Das said.
The Reserve Bank Monetary Policy Committee (MPC) today hiked the key repo rate by 35 basis points (bps) to 6.25 percent in its last meeting of 2022, continuing its fight against inflation.
Repo is the rate at which the central bank lends short-term funds to banks. One basis point is one-hundredth of a percentage point.
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