RBI lowers GDP growth projection to 6.8 for FY23

The Reserve Bank on Wednesday marginally lowered the country’s GDP growth projection for the current fiscal at 6.8 per cent from its earlier estimate of 7 per cent.

However, despite the downward revision in the economic growth projection, India will remain among the fastest growing major economies in the world, said RBI Governor Shaktikanta Das while announcing the latest bi-monthly monetary policy. He said the Indian economy remains resilient and is a bright spot in a gloomy world.

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It is to be noted that the RBI had also pared its growth projection in September as well. The World Bank on Tuesday revised upwards its GDP growth forecast for India to 6.9 per cent for 2022-23 from its earlier estimate of 6.5 per cent, saying the economy was showing higher resilience to global shocks.