RBI MPC: FY24 GDP growth seen at 6.4%, says Governor Shaktikanta Das

Reserve Bank of India Governor Shaktikanta Das

The gross domestic product (GDP) growth for FY24 is seen at 6.4 percent, Reserve Bank of India (RBI) Governor Shaktikanta Das said while announcing the Monetary Policy Committee (MPC) decision on February 8.

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The GDP growth for April-June 2023 is seen at 7.8 percent versus 7.1 percent earlier, while the July-September 2023 GDP growth seen at 6.2 percent versus 5.9 percent earlier; and the October-December 2023 GDP growth seen at 6 percent.

Further, the January-March 2024 GDP growth is seen at 5.8 percent, he added.

“Economic activity in India remains resilient, while investment activity continues to gain traction, and rural demand continues to show signs of improvement,” Governor Das said.

Also Read I RBI Policy: Consumer price inflation likely to hover on 5.3% in FY24

The RBI MPC voted 4-2 to increase the repo rate by 25 basis points to 6.5 percent. It also voted to continue focus on withdrawal of accommodation. “This smaller rate cut provides elbowroom to weigh incoming data, forecasts. A rate hike of 25 bps considered appropriate at the current juncture,” Das added.

Also, the Standing Deposit Facility rate now stands at 6.25 percent and Marginal Standing Facility (MSF) rate now stands at 6.75 percent.

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