Business

RBI Governor Shaktikanta Das Foresees Continued Strong Economic Growth In FY 2024-25

Reserve Bank of India (RBI) Governor Shaktikanta Das has expressed confidence that India’s robust economic growth trajectory from the previous financial year will persist through the April-June quarter of the current fiscal year.

Governor Das attributed this optimism to the country’s solid economic fundamentals.

Addressing reporters at a media briefing on Tuesday, Governor Das remarked, “We are quite sanguine that the projection we have given for the first quarter of this year, 7.2 percent, we are quite optimistic that it will be 7.3 percent.”

Governor Das also noted a positive recovery in private consumption and highlighted a resurgence in rural demand, driven by stronger growth in the agricultural sector.

The India Meteorological Department’s forecast of a higher-than-normal monsoon is bolstering optimism in rural sectors, expected to significantly boost the Kharif crop output.

Earlier this month, the RBI revised its projection for real gross domestic product (GDP) growth for the fiscal year 2024-25 upward to 7.2 percent, from the previous estimate of 7 percent.

Governor Das further elaborated on the quarterly GDP growth projections, stating expectations of 7.3 percent in Q1, 7.2 percent in Q2, 7.3 percent in Q3, and 7.2 percent in Q4.

The RBI’s optimism stems from several key economic indicators showing positive momentum, despite global uncertainties.

Governor Das emphasized that while challenges persist, including external factors like fluctuating commodity prices and geopolitical tensions, India’s economic fundamentals remain resilient.

Analysts and industry experts have generally welcomed these projections, viewing them as reflective of the country’s ability to sustain growth amidst global economic challenges.

Governor Das concluded his remarks by reaffirming the RBI’s commitment to supporting economic growth while maintaining price stability, a dual mandate that remains central to the central bank’s policy framework.

Also Read: Markets Set New Record Highs In Early Trade

Mankrit Kaur

Recent Posts

Supreme Court To Review Waqf Bill Amid Rising Opposition

The Supreme Court will hear challenges to Waqf Act amendments limiting the Board’s authority over…

2 mins ago

Supreme Court Transfers Bihar Bridge Collapse Petition To Patna HC

The Supreme Court has transferred a plea seeking an inquiry into Bihar’s frequent bridge collapses…

15 mins ago

Modi Government Introduce Waqf Amendment Bill In Parliament: A Numbers Game

The second phase of budget session is underway in Parliament, and amidst ongoing protests, the…

24 mins ago

How Your Skin Changes When You Stop Eating Sugar For 30 Days

Cutting sugar from your diet for 30 days can lead to noticeable improvements in your…

31 mins ago

Waqf (Amendment) Bill Will Benefit Muslims, Says All India Muslim Jamaat Chief

On Wednesday, All India Muslim Jamaat chief Maulana Shahabuddin Razvi affirmed the Waqf (Amendment) Bill…

1 hour ago

Waqf (Amendment) Bill 2024: Key Highlights And What It Means For Waqf Properties And Social Welfare

The Union government announced on Tuesday that it will introduce the Waqf Bill in the…

1 hour ago