Mumbai: Reserve Bank on Friday revised India’s economic growth rate for FY26. RBI Governor Sanjay Malhotra announced this after the Monetary Policy Committee (MPC) meeting of the apex bank. The apex bank projected the growth rate for the upcoming financial year at 6.7 per cent, up from 6.4 per cent estimated for the current fiscal ending March.
India’s GDP growth fell to a 7-quarter low of 5.4 per cent in July-September period of current financial year 2024-25, as against RBI’s own projection of 7 per cent. The gross domestic product (GDP) rate of 6.4 per cent will be the lowest since the Covid year (2020-21), when the country witnessed a negative growth of 5.8 per cent. It was 9.7 per cent in 2021-22; 7 per cent in 2022-23; and 8.2 per cent in the last fiscal ended March 2024.
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In its December monetary policy review, the central bank had significantly lowered the growth projection for the current fiscal year to 6.6 per cent from 7.2 per cent earlier. According to the first advance estimates of National Income for 2024-25, GDP has been estimated to grow by 6.4 per cent in FY 2024-25, as compared to the growth rate of 8.2 per cent in the provisional estimate for FY 2023-24.
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