INDIA'S ECONOMY MAY have grown more than the second advance estimate of 7% in FY23, as the momentum gained after the ebbing of the pandemic was maintained in the second half of the year, Reserve Bank of India (RBI) governor Shaktikanta Das said on Wednesday.
The governor also stuck to the central bank's standing forecast of 6.5% growth for the current fiscal, and expressed the hope that retail inflation in May could be less than 4.7% registered in April, which was an 18-month low. This is a more sanguine view of the economy than not only those of most private agencies and rating firms, but also of the International Monetary Fund (IMF) and even the finance ministry to an extent.
Speaking at the plenary session of the Confederation of Indian Industry's (CII's) annual session, the RBI governor said: "On the back of macroeconomic stability and the robust financial sector stability that we have, I think there is a platform for supporting domestic growth. Macroeconomic stability (is there) in the sense that inflation has moderated with the last print at 4.7%. Perhaps the next print could be lower."
He, however, said whether the pause on monetary tightening will be maintained in the June review will depend on the price situation on the ground, and added that weather-related uncertainties still posed headwinds. Das adhered to the April policy stance, described as a pause, not a pivot.
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