RBI Governor Expects India’s GDP Growth To Exceed 7% In 2023

Shaktikanta Das, governor of the Reserve Bank of India, stated at a CII event on Wednesday, May 24, that India’s gross domestic product growth might be above 7% for 2022–2023.

Plenary Session with Shri Shaktikanta Das, Governor, RBI at the CII Annual Session 2023 https://t.co/wNNyUQ3N71

— ReserveBankOfIndia (@RBI) May 24, 2023

Das’s Conclusions

Das pointed out that practically all of the high-frequency indicators the central bank was watching signaled that momentum had been maintained in the final stretch of the previous fiscal year and that it would not be unexpected if India’s economy expanded at a pace greater than 7%.

The RBI anticipates that the next reading of retail inflation will be less than 4.7%. Das even warned that the fight against inflation is not over and asked people to remain vigilant. He confirmed that no space exists for complacency as the impact of the El Nino effect is still unknown.

Consumer price inflation (CPI) in India decreased to an 18-month low of 4.7% in April from 5.66% the previous month, mainly as a result of lower food costs, which make up about 50% of the total consumer price basket. 

Data on inflation for May is expected on June 12. Retail inflation in the nation was last close to 4% in January 2021, at 4.06%.

Foreign Impact

While addressing the CII Annual Session 2023, Das highlighted that the global economy is facing complications due to continuous geopolitical tensions, growing inflationary pressures, and tightening financial conditions as major central banks make monetary policy changes.

According to RBI Governor Shaktikanta Das, the Asia-Pacific region is expected to contribute to almost 70% of global growth in 2023 despite the economic downturn being predominantly felt in developed nations. 

As per Mint, India is anticipated to contribute around 15% of the current year’s worldwide growth.

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