Ashima Goyal, member of the Reserve Bank of India's Monetary Policy Committee, explains why the rate setting panel’s current focus should be to bring down inflation, and dwells on RBI's 6.5 per cent GDP growth estimate for FY24, in an interaction with Manojit Saha. Edited excerpts:
In the MPC minutes, you said though growth is resilient, there are signs of slowdown in some high frequency data. Has RBI over estimated growth with its 6.5 per cent projection for FY24?
Since the growth forecast is lower than last year’s CSO second advance estimate of 7 per cent, it does take into account growth, including higher policy rates. But the real rate has not been raised high enough to have a large impact on growth. Moreover, the economy has been resilient to external shocks and the global growth slowdown is also less severe than expected, so 6.5 per cent growth is feasible. In India, i
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