RBI MPC: GDP estimated to be 6.5 percent in FY 24, know what will be the growth rate in which quarter

The Reserve Bank of India retained the country's gross domestic product (GDP) growth forecast at 6.5 percent for the current fiscal on the back of supportive domestic demand conditions.
In April itself, the RBI revised the GDP growth forecast for 2023-24 to 6.5 percent from 6.4 percent.
Announcing the decision of the Monetary Policy Committee of the RBI for the financial year 2023-24 today, RBI Governor Shaktikanta Das said that domestic demand conditions remain supportive of growth, and demand in rural areas is also on the way to revival.
RBI Governor Shaktikanta Das said that the country's real GDP growth is likely to remain at 6.5 percent in FY24. Referring to quarter by quarter, Das said that GDP in Q1 of FY24 could be up to 8 percent.
It is estimated to be 6.5 percent in Q2, 6 percent in Q3, and 5.7 percent in Q4. Das said, in the second quarter of 2023, the global economy is still maintaining the high momentum achieved in the previous quarter. The governor said this happened when factors such as moderate inflation, tight financial conditions, banking sector stress, and prolonged geopolitical conflicts were present.
The RBI governor said that India's economy grew by 6.1 percent in the fourth quarter of 2022-23, increasing the annual growth rate to 7.2 percent from the estimated 7 percent.
Shaktikanta Das said higher production of rabi crops in 2022-23, expected normal monsoon, and sustained pick-up in services private consumption will support overall economic activity in the current year.
RBI Governor Shaktikanta Das, reading out the Monetary Policy 2023-24 statement, said the government's thrust on capital expenditure, lower commodity prices, and stronger credit growth are expected to boost investment activity.
However, talking about the risks involved in investment, the governor said that weak external demand, geo-economic fragmentation, and geo-political tensions could hamper investment.