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RBI cuts growth forecast to 7 pc for FY23


MUMBAI, SEPT 30, 2022

           The Reserve Bank of India (RBI) on Friday cut the economic growth projection for the current financial year to 7 per cent from 7.2 per cent estimated earlier on account of extended geopolitical tensions and aggressive monetary policy tightening globally.

           The headwinds from extended geopolitical tensions, tightening global financial conditions and possible decline in the external component of aggregate demand can pose downside risks to growth, RBI Governor Shaktikanta Das said.

           The central bank in April had cut GDP growth estimate to 7.2 per cent from its earlier forecast of 7.8 per cent.

           “Taking all these factors into consideration, real GDP growth for 2022-23 is projected at 7.0 per cent with Q2 at 6.3 per cent; Q3 at 4.6 per cent; and Q4:2022-23 at 4.6 per cent, with risks broadly balanced. The growth for Q1:2023-24 is projected at 7.2 per cent,” he said.

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