The economy may grow by around 7 per cent this financial year as estimated by the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI), say economists with various organisations.
The first advance estimates for 2023-24 will be released on Friday by the National Statistical Organisation (NSO), an exercise done for calculating ratios such as the fiscal deficit.
The interim Budget will be presented on February 1.
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While the six-member MPC, led by RBI Governor Shaktikanta Das, has retained the policy stance as ‘withdrawal of accommodation’ in a majority 5:1 decision, it has also retained the inflation projection at 5.4 per cent for FY2024.
Experts predict that the Reserve Bank of India (RBI) will maintain the current benchmark interest rate at its bi-monthly monetary policy review due to elevated inflation and global factors. The RBI has kept the rate unchanged in the last three policy reviews and is expected to continue with the existing rate structure. The RBI s mandate is to ensure that retail inflation remains at 4% with a margin of 2% on either side. The MPC, headed by RBI Governor Shaktikanta Das, will announce the policy review on Friday.
The RBI Monetary Policy Committee will meet from October 4 to 6 against a backdrop of domestic and external economic challenges. Here are the factors at play