Announcing the decisions taken at the Monetary Policy Committee (MPC) meeting today, Reserve Bank of India (RBI) Governor Shaktikanta Das projected inflation and GDP growth. Shaktikanta Das said that vaccination is expected to give a boost to the economy. With the increase in vaccination, economic activities have increased. The economic recovery was better in July than in June. But there is a need to be alert about the third wave of Corona.
Reserve Bank of India (RBI) Governor Shaktikanta Das said that the GDP growth rate projected by RBI for the current financial year 2021-22 is 9.5 percent. It will be 21.4 percent in the first quarter of this fiscal. 7.3 percent in the second quarter, 6.3 percent in the third quarter, and 6.1 percent in the fourth quarter. Shaktikanta Das said that the country's real GDP can be 17.2 percent in the financial year 2022-23.
Earlier the Reserve Bank had projected economic growth to be at 10.5 percent during 2021-22. It is to be known that the country's GDP has declined by 7.3 percent in the last financial year i.e. 2020-21. While the last financial year started with a steep decline. The economy returned to the growth path in the fourth quarter. Achieved 1.6 percent growth in the January-March 2021 quarter.
The central bank has raised its retail inflation forecast for the current fiscal due to supply-side constraints, rising crude oil prices, and costlier raw materials. Inflation based on (consumer price index) in the financial year 2021-2022 is likely to be 5.7 percent. Whereas the RBI's previous Monetary Policy Committee (MPC) held in June had projected CPI inflation at 5.1 percent for this year.
The inflation rate maybe 5.9 percent in the second quarter of the current financial year, 5.3 in the third quarter, and 5.8 percent in the fourth quarter. The central bank said that in the first quarter of the financial year 2022-2023, the CPI maybe 5.1 percent.
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