Tribune News Service

New Delhi, July 15

Ruling out any move to revise downwards its projected GDP growth rate for 2021-22 from 10.5%, the RBI said near-term prospects for the Indian economy have been brightened by the reducing number of Covid infections and the vaccination drive.

“The tapering of the second wave, coupled with an aggressive vaccination push, has brightened near-term prospects for the Indian economy,” said the RBI’s bulletin for the month of July on the state of the economy.

The RBI is banking on rise in mobility and increasing attendance at work places, increase in advance tax payments, e-way bills, power consumption and payment modes as the “forerunner to the revival of business and consumer confidence.”

The central bank said the high inflation was expected to ease over the year.