Mumbai The Reserve Bank of India (RBI) on Friday reduced the economic growth rate forecast for the current financial year 2022-23 from 7.2 percent to 7.0 percent.
RBI has taken this step citing aggressive tightening of monetary policy in various countries of the world and sluggish demand. Giving information about the fifth monetary policy review of the current financial year, RBI Governor Shaktikanta Das said that the central bank is committed to price stability to keep the country on the path of sustainable growth.
In the first quarter of the current financial year 2022-23, the GDP growth rate based on real GDP (GDP) at constant prices was 13.5 percent. Das, however, cautioned that we are facing a new ‘storm’ caused by aggressive rate hikes by central banks of various countries after the Covid pandemic crisis, the Russo-Ukraine war.
It is noteworthy that in April this year, the central bank had reduced the GDP growth forecast for 2022-23 to 7.2 percent from 7.8 percent. (Language)
