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| India's Growth Outlook Reflects Underlying Strength Of Macro-Fundamentals: RBI Guv | | | Agencies
SINGAPORE, Sept 13: India's growth outlook reflects the underlying strength of country's macro-fundamentals, with domestic drivers - private consumption and investment - playing a major role, RBI Governor Shaktikanta Das said on Friday. Moreover, the country's growth trajectory is supported by an environment of macroeconomic and financial stability, he said in a keynote address at the Future of Finance Forum 2024 organised by the Bretton Woods Committee, Singapore. The Indian economy rebounded from severe contraction due to the COVID-19 pandemic and averaged real GDP growth of above 8 per cent during 2021-24. For 2024-25, the Reserve Bank of India (RBI) has projected the real GDP growth at 7.2 per cent, with risks evenly balanced around this forecast. "This growth outlook reflects the underlying strength of India's macro-fundamentals, with domestic drivers - private consumption and investment - playing a major role," he said. On inflation, Das said it has moderated from a peak of 7.8 per cent in April 2022 to the tolerance band of +/- 2 per cent around the target of 4 per cent, but "we still have a distance to cover and can not afford to look the other way". The Reserve Bank's projections indicate that inflation is likely to ease further from 5.4 per cent in 2023-24 to 4.5 per cent in 2024-25 and 4.1 per cent in 2025-26, the Governor said.
The retail inflation based on the Consumer Price Index (CPI) remained below the Reserve Bank's median target of 4 per cent for the second month in a row in August at 3.65 per cent. It was at a five-year low of 3.6 per cent in July.
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