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Home business RBI estimates GDP growth to be 7.4 percent in the next financial year
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RBI estimates GDP growth to be 7.4 percent in the next financial year

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MUMBAI: The Reserve Bank of India (RBI) has estimated the country's GDP growth to be 7.4 percent in the next financial year on Thursday. It is more than the estimate of Central Statistics Office (CSO) of 7.2% of the current financial year. These figures are given in the document issued after the three-day RBI monetary policy committee (MPC) meeting. It states that the increase in bank loan and commercial sector may have favorable impact on the gross domestic product due to growth, but the sluggish demand at global level may have adverse effects.

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ABI had projected the GDP growth rate to be 7.4 percent in 2018-19 in the Monetary Policy Review released in December. For this second half, the estimate was 7.2 percent to 7.3 percent. Although, the bank kept an estimated 7.5 percent growth for the first half of 2019-20. However, the CSO has kept the GDP growth rate 7.2 percent for 2018-19.

MPC said, "If you look beyond the current financial year, the total bank credit, the growth of total financial flows in the commerce areas will have an impact on the scenario." According to the document, the prices of crude oil came down and due to net exports. Despite weakening effect of the recent decline, the weakening trend of global demand could have an impact on growth rates.

The Governor of the Reserve Bank and Member of the MPC, Shaktikant Das said that the risk for growth is equally balanced. MPC headed by Das said that investment activities are improving, but most of the cooperation is being met by the government expenditure on basic development. We also need to strengthen private investment.

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