FY24 GDP growth rate pegged at 6.4%

Investment activity continues to gain traction. Non-food bank credit expanded by 16.7% (y-o-y) as of Jan 27, 2023. The total flow of resources to the commercial sector has increased by Rs 20.8L-crduring 2022-23 so far against Rs 12.5L-cra year ago

Mumbai: The Reserve Bank of India (RBI) on Wednesday projected India's economic growth at 6.4 per cent for 2023-24, broadly in line with the estimate of the Economic Survey tabled in Parliament last week. Gross Domestic Product (GDP) growth is estimated at seven per cent in 2022-23, according to the first advance estimate of the National Statistical Office (NSO).

The Economic Survey 2022-23 projected a baseline GDP growth of 6.5 per cent in real terms for the next fiscal. Amid volatile global developments, the Indian economy remains resilient, said RBI Governor Shaktikanta Das while unveiling the last bi-monthly monetary policy of the current fiscal. "Available data for Q3 and Q4:2022-23 indicate that economic activity in India remains resilient. Urban consumption demand has been firming up, driven by a sustained recovery in discretionary spending, especially on services, such as travel, tourism and hospitality. Rural demand continues to show signs of improvement as tractor sales and two-wheeler sales expanded in December," he said.

The governor further said passenger vehicle sales and domestic air passenger traffic posted robust year-on-year growth.