India’s GDP growth may even cross 7% in FY23: RBI Governor

New Delhi: There are chances of India’s gross domestic product (GDP) for FY23 crossing the estimated 7 per cent growth going by the trends, Reserve Bank of India (RBI) Governor Shaktikanta Das said.

Speaking at the annual conference of the Confederation of Indian Industry (CII) here Das noted that for FY23, the estimates for GDP growth is 7 per cent.

He said going by the trends, there is a possibility that the GDP growth may cross the 7 per cent mark.

Das was confident that India’s GDP growth rate for FY24 at 6.5 per cent.

On pausing the interest rate hikes, he said it was not in his hands but dictated by the ground level situation.

The central bank chief said the war on inflation is still on and not over and one has to see how the El Nino factor plays out for agriculture production.

Das said though the inflation has moderated, one cannot be complacent on that count.

According to him, the RBI will follow a prudent policy to support the economy and maintain financial stability.

On the forex situation, Das said the Russia-Ukraine war resulted in the outflow of funds and the RBI had to intervene to maintain stability. The forex reserves currently is at about $599.5 billion.


Inflation erodes US households’ financial security: Fed report

London: Consistently high inflation has eroded the US households’ sense of financial security, showed a newly published Federal Reserve (Fed) report on economic well-being of households in 2022.

Many respondents noted “they had reduced their savings to make ends meet, felt less secure about retirement, and had delayed purchases or swapped into cheaper products as they shopped,” Reuters said when reporting about the Fed document.

“Overall financial well-being declined markedly over the prior year,” the report said.

Seventy-three percent of adults were doing at least okay financially in 2022, down 5 percentage points from 2021, and the share of adults who said they were worse off financially than a year earlier rose to 35 percent, the highest level since the question was first asked in 2014, the Fed report showed.

Image courtesy of File photo

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