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RBI Monetary Policy: Projection of real GDP growth for 2021-22 set at 9.5%

RBI retained its projection of real GDP growth for the year 2021-22 at 9.5 percent

October 08, 2021 / 10:35 AM IST

RBI retained its projection of real GDP growth for the year 2021-22 at 9.5 percent which consists of 7.9 percent in Q2, 6.8 percent in Q3, and 6.1 percent in  Q4. The projections for the year 2022-2023 are set at 17.2 percent.

Elevated input costs on profit margins, potential global financial and commodity markets, volatility, and a resurgence of COVID-19 infections were noted as important downside risks to the growth outlook.

At the same time, RBI has kept the Q4FY22 GDP growth forecast unchanged at 6.1 percent.

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"India is in a much better place today than at the time of the last MPC meeting", noted Das, as growth impulses are strengthening and the inflation trajectory is more favorable than expected. Per the governor, the impending festive season should provide a much-needed fillip urban demand, which in turn, will contribute to the improving condition of aggregate demand, which still shows signs of slack.

The governor also highlighted how capacity utilization in the manufacturing sector, which was adversely hit under the second wave is currently robustly recovering in the second quarter, in addition to a solid YoY growth witnessed in almost all components of GDP.

Moneycontrol News
first published: Oct 8, 2021 10:19 am

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