Reserve Bank of India (RBI) Governor Shaktikanta Das during the monetary policy committee meet has projected a GDP growth of 7.8% for the financial year 2023. RBI Governor pointed to a weak economic momentum due to the third wave of pandemic leading to low private consumption, which continues to trail its pre-covid levels. RBI has retained a GDP growth of 9.2% for the current financial year ending March 31.
RBI Governor further added saying, relentless increase in international commodity prices, global supply bottlenecks and surge in volatility of global financial markets can hamper growth outlook in the coming months.
Following an accommodative stance, RBI for the straight tenth time has kept benchmark interest rate or repo rate unchanged at 4% during the monetary policy committee meet.