Reserve Bank of India (RBI) Monetary Policy Committee (MPC) member Ashima Goyal on Monday said that the country’s economic growth rate will remain above six per cent in the current financial year as the country has maintained its growth rate. It has managed to maintain macroeconomic stability and strong performance despite the volatile global environment.
Ashima Goyal, member of the RBI Monetary Policy Committee, said, “India’s export growth slowing due to global recession, rising oil and food prices due to geopolitical reasons and adverse weather conditions are also some of the risks facing the country. Are.” India has managed to maintain strong macroeconomic stability and performance despite major global shocks. “India’s gross domestic product (GDP) will grow above six percent in fiscal year 2023-24.”
The country’s economic growth rate was 7.2 percent in 2022-23, which was 9.1 percent in 2021-22. The central bank has estimated the economic growth rate to be 6.5 percent in the current financial year. Asked when retail inflation would come within the RBI’s four per cent target, Goyal said, “Corporate inflation has been around four per cent for a long time. “This means that despite the cost shock, their appreciation is not more than four percent.”
Retail inflation rate has come down to 6.83 percent in August. In July it was at the highest level of 15 months at 7.44 percent. The central bank has set a target of keeping inflation within the range of four percent.