Indian economy recovering from second Covid wave: RBI Governor
Synopsis
RBI Governor Shaktikanta Das said that economic activity in the country had evolved as per the Monetary Policy Committee's expectations in June.
The Reserve Bank of India on Friday projected India's Gross Domestic Product growth rate at 9.5 per cent in the financial year 2022.
RBI Governor Shaktikanta Das said that the central bank's Monetary Policy Committee had voted with a 5:1 majority to continue with an 'Accommodative' stance as long as necessary to support growth.
The RBI also left the repo rate unchanged at 4% and the reverse repo rate at 3.35%.
The RBI Governor said that the Indian economy is recovering from the setback of the second phase of Covid-19.
RBI Governor Shaktikanta Das said that economic activity in the country had evolved as per the Monetary Policy Committee's expectations in June.
The central bank projected the Consumer Price Index inflation to be at 5.7 % during 2021-22. The CPI assesses the average change in prices over time that people pay for goods and services.
CPI inflation for Q2 of 2021-22 is projected at 5.9% in Q2, followed by 5.3% in Q3 and 5.8% in Q4, with risks broadly balanced. In the first quarter of 2022-23, the CPI inflation is projected at 5.1%.
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