RBI says India’s growth momentum likely to be sustained in current fiscal

The Reserve Bank of India (RBI) has said that India’s growth momentum is likely to be sustained in 2023-24 in an atmosphere of easing inflationary pressures.

According to the RBI’s annual report released today, the country’s sustained growth momentum is going to be on the back of sound macroeconomic policies, softer commodity prices, a robust financial sector, a healthy corporate sector and a continued fiscal policy thrust on quality of government expenditure.

The RBI report, however, added that there could be downside risks to the growth due to slowing global growth, protracted geopolitical tensions and new stress events in the global financial system.

The RBI’s Annual Report for 2022-23, said its monetary policy is pointed towards withdrawal of accommodation to ensure that inflation progressively aligns with the target, and supports growth at the same time.

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