June 19th 2024.
The Governor of the Reserve Bank of India, Shaktikanta Das, is confident that the strong growth trend witnessed in the previous financial year will continue into the first quarter of the current financial year, which spans from April to June. He expressed this optimism during a media event on Tuesday, stating that the economy's robust fundamentals will play a significant role in sustaining this momentum.
"We are quite positive about our projection of 7.2 per cent growth for the first quarter of this year, and we are even more optimistic that it will exceed our expectations and reach 7.3 per cent," Das stated, exuding confidence in the economy's performance.
He also noted that there has been a recovery in private consumption, and rural demand has seen a significant boost due to the agricultural sector's strong growth. This can be attributed to the India Meteorological Department's prediction of a higher-than-normal monsoon, which is expected to result in a more abundant Kharif output.
In June, the RBI had revised its projection of real gross domestic product for the financial year 2024-25 to 7.2 per cent, up from the previous estimation of 7 per cent. This further solidifies the governor's belief that the first quarter's GDP growth rate will reach 7.3 per cent. He also projected a growth rate of 7.2 per cent for the second quarter, 7.3 per cent for the third, and 7.2 per cent for the last quarter.
Overall, the Governor's positive outlook on the economy's growth is a testament to the country's strong economic fundamentals and the potential for further growth in the near future. With the monsoon forecast and the government's efforts to boost the agricultural sector, it is expected that the economy will continue on its upward trajectory.
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