Mumbai: The Reserve Bank of India (RBI) has projected the real GDP growth for 2024-25 at 7.0 per cent. ‘Real GDP growth for 2024-25 is projected at 7.0 per cent with risks evenly balanced,’ the RBI said in its annual report.
RBI retained the GDP growth projection at 7 per cent for 2024-25 fiscal on the back of expectations of a normal monsoon, moderating inflationary pressures, and sustained momentum in the manufacturing and services sectors. In its April monetary policy, RBI said that the real GDP growth for 2024-25 is projected at 7 percent with Q1 at 7.1 percent; Q2 at 6.9 percent; Q3 at 7 percent; and Q4 at 7 percent.
‘Despite subdued global economic activity and multiple headwinds, the Indian economy expanded impressively, with real GDP growth accelerating to 7.6 per cent from 7.0 per cent in the previous year – the third successive year of 7 per cent or above growth,’ the RBI highlighted in its the annual statement. RBI further said that India’s share in world remittance receipts is estimated to increase to 15.2 per cent in 2024 from 11.1 per cent in 2019.
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Earlier, S&P Global ratings hiked the outlook for India from stable to positive on Wednesday. In its recent projections about India’s growth, the International Monetary Fund (IMF) anticipated the rate to stay at 6.8 per cent for 2024-25.
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