RBI Projects Indian Economic Growth Amid Global Uncertainty
The Reserve Bank of India (RBI) has maintained GDP growth projections for the current fiscal year at 6.5%, highlighting domestic stability amid global challenges. The RBI also announced a benchmark policy rate cut, emphasizing the importance of stimulating domestic growth to navigate economic uncertainties.
- Country:
- India
The Reserve Bank of India (RBI) on Friday announced that it has retained GDP growth projections for this fiscal year at 6.5%, positioning the Indian economy as a beacon of strength amidst global uncertainties.
In a strategic decision, the RBI's Monetary Policy Committee (MPC) reduced the benchmark policy rate by 50 basis points to 5.5%, aiming to bolster economic growth through decisive rate cuts. This move is seen as crucial in maintaining domestic stability as global volatility persists.
RBI Governor Sanjay Malhotra emphasized the stable foundations of India's economy, citing robust balance sheets and a fortified matrix of fundamentals that can cushion against international economic spillovers. He stressed the role of demography, digitalization, and domestic demand in presenting significant opportunities for growth.
(With inputs from agencies.)
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