India’s GDP will grow at 10.5 per cent in FY22, RBI Governor Shaktikanta Das said this morning. The RBI Governor made this observation at the end of the Monetary Policy Committee (MPC) meetinng, which decided to keep the repo rate unchanged at 4 per cent and the reverse repo rate untouched at 3.35 per cent.
Shaktikanta Das expressed confidence that the Indian economy is poised to move only in one direction – upwards. Economic growth is likely to pick pace, the near-term outlook on growth has improved significantly and outlook for inflation is stable, the Governor said. The signs of recovery have strengthened since the last MPC meeting and the need of the hour is to continue supporting growth, he asserted.
The RBI growth projection is still below that of Economic Survey and the International Monetary Fund (IMF). The Economic Survey 202 had estimated GDP growth at 11 per cent in 2021-22 and IMF had said that India would grow at 11.5 per cent in 2021,