GDP growth likely to cross 7% in FY23: Das
Financial Express Mumbai|May 25, 2023
Not just pent-up demand, momentum maintained in Q4
GDP growth likely to cross 7% in FY23: Das

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.

This story is from the May 25, 2023 edition of Financial Express Mumbai.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

This story is from the May 25, 2023 edition of Financial Express Mumbai.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

MORE STORIES FROM FINANCIAL EXPRESS MUMBAIView All
Financial Express Mumbai

Murdoch ally helps Ambani build media empire in India

SOHEE KIM PR SANJAI

time-read
3 mins  |
April 18, 2024
Financial Express Mumbai

Pandya, Dube & Rinku: Can they finish for India at T20 World Cup?

GOING INTO THE 2022 T20 World Cup in Australia Dinesh Karthik was assigned the finisher role and the batting lineup was built accordingly.

time-read
2 mins  |
April 18, 2024
Financial Express Mumbai

Nestle adds sugar to infant milk and cereal, finds report

A NEW REPORT has revealed that Nestle, the world's largest consumer goods and manufacturer of baby formula, is adding sugar to infant milk and cereal products sold in India, and other Asian, and African countries.

time-read
1 min  |
April 18, 2024
Financial Express Mumbai

India-made Daimler's electric mini truck to hit the road soon

INDIA WILL BE host to German trucking giant Daimler's only electric vehicle plant outside of Europe and Japan when it launches a locally-made electric light cargo truck in FY25.

time-read
2 mins  |
April 18, 2024
Samsung eyes ₹10,000 cr from India TV biz this year
Financial Express Mumbai

Samsung eyes ₹10,000 cr from India TV biz this year

SOUTH KOREAN GIANT Samsung is targeting a turnover of ₹10,000 crores for its television business in India this year, driven by growth in sales of its mid to-premium segment models, said Mohandeep Singh, senior VP, consumer electronics business in India.

time-read
1 min  |
April 18, 2024
Financial Express Mumbai

Microsoft AI Copilot speed boost for coding

WHEN SOFTWARE DEVELOPER Nikolai Avteniev got his hands on a preview version of Microsoft's Copilot coding assistant in 2021, he quickly saw the potential.

time-read
1 min  |
April 18, 2024
Financial Express Mumbai

US, China debt pose risks for global public finances: IMF

THE WORLD's TWO great economic rivals, China and the US, will drive much of the increase in global public debt over the next five years, with US spending creating trouble for many other countries by keeping interest rates high, officials at the International Monetary Fund said in a report.

time-read
1 min  |
April 18, 2024
Financial Express Mumbai

Language models in consumer tech

This move is designed to ensure better user experience & privacy

time-read
2 mins  |
April 18, 2024
Financial Express Mumbai

'Data centres' energy use doubles every four years'

Data centres are significant energy consumers, using about 2% of the world's power and emitting carbon dioxide equivalent to the airline industry.

time-read
2 mins  |
April 18, 2024
Financial Express Mumbai

Vi FPO: Foreign players invest big; about ₹5,400 crore raised

GQG, Fidelity buy almost 40% of the anchor investor portion

time-read
1 min  |
April 18, 2024