Reserve Bank of India (RBI) Governor Shaktikanta Das remarked during an interview on Wednesday that India’s economic growth for the ongoing financial year, ending in March, could potentially reach or even exceed the threshold of 8 per cent, surpassing the projections outlined in the Second Advance Estimate.
Das expressed his confidence in the growth trajectory, stating that India's Gross Domestic Product (GDP) expansion for the fiscal year 2024 might surpass the previously estimated 7.6 per cent, potentially approaching the 8 per cent mark. This optimistic outlook was shared during his conversation with the news channel ET Now.
Furthermore, Das highlighted the Monetary Policy Committee's (MPC) forecast, indicating a growth rate of around 7 per cent for the fiscal year 2025.
The Governor also expressed his positive sentiment regarding India's economic prospects for the upcoming fiscal year, emphasizing his optimism about the GDP growth forecast for FY25.
India's economy exhibited robust growth momentum during the third quarter of the fiscal year 2024, achieving its fastest expansion in one and a half years, driven primarily by vigorous manufacturing and construction activities.
It's noteworthy that India's economy expanded by 8.4 per cent in the October-December quarter, surpassing the initial projections put forth by economists, particularly considering that growth in the third quarter was initially anticipated to be below 7 per cent.
Moreover, the RBI has revised its growth projection for India in FY24 from 7.3 per cent to 7.6 per cent, further reflecting the optimistic outlook regarding the country's economic performance.
