(MENAFN- KNN India)
India may grow beyond 7% GDP mark in FY23: RBI Governor
New Delhi, May 24 (KNN) Reserve Bank of India's (RBI) Governor Shaktikanta Das said on Wednesday that India's gross domestic product (GDP) growth could be above 7 per cent for 2022-23.
Speaking at a CII event on Wednesday, he said there is also a possibility that GDP growth for the last financial year could be higher.
He noted that almost all high-frequency indicators monitored by the central bank showed that momentum was sustained in the final quarter of the last financial year and it would not be a surprise if India's economy grows at a rate higher than 7 per cent.
“The agricultural sector has done well and so has the services sector. Capex & infra spending by the government has picked up,” Das said.
He noted that there is evidence of a revival of private investment as well, with signs visible in the steel & cement sectors.
“Capacity utilisation in the manufacturing sector as per the RBIs latest survey, is around 75 per cent. But a CII survey shows it to be even higher,” he added.
In the current fiscal year, India should log growth close to 6.5 per cent, however, there are downside risks, he said.
The RBI expects the next print of retail inflation to be lower than 4.7 per cent.
“The war on inflation is not over; we have to remain alert,” Das said.
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