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India’s GDP growth may breach 7% mark in FY23
May 24, 2023
India’s gross domestic product growth could be above 7% for 2022-23, the Reserve Bank of India Governor Shaktikanta Das said at a CII event on Wednesday. There is also a possibility that GDP growth for the last financial year could be higher, he said.
Das noted that almost all high-frequency indicators monitored by the central bank showed that momentum was sustained in the final quarter of the last financial year and it would not be a surprise if India’s economy grows at a rate higher than 7%.
“The agricultural sector has done well and so has the services sector. Capex & infra spending by the government has picked up,” Das said. Das noted that there is evidence of a revival of private investment as well, with signs visible in the steel & cement sectors.
“Capacity utilisation in the manufacturing sector as per the RBIs latest survey, is around 75%. But a CII survey shows it to be even higher,” he added.
India should log growth close to 6.5% in the ongoing financial year, however, there are downside risks, he said.
The RBI expects the next print of retail inflation to be lower than 4.7 per cent. “The war on inflation is not over; we have to remain alert,” Das said. “There is no room for complacency. We will have to see how the El Nino factor plays out.”
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