RBI Projects 7% Real GDP Growth In Current Financial Year

NEW DELHI:The Reserve Bank of India (RBI) has projected a 7 percent GDP growth in the current financial year.  In its annual report, it said the real GDP growth for 2024-25 is projected to grow at 7 per cent with risks evenly balanced. The central bank said the Indian economy expanded at a robust pace in fiscal 2024, with real GDP growth accelerating to 7.6 percent from 7 percent in the previous year.

According to the annual report, the outlook for the Indian economy remains bright, underpinned by a sustained strengthening of macroeconomic fundamentals, robust financial and corporate sectors, and a resilient external sector.

The income of the Reserve Bank of India (RBI) in the financial year 2023-24 rose around 17 percent year-on-year due to a significant rise in interest income from foreign securities, as per the central bank’s report.

On May 22, the RBI’s Central Board of Directors approved the transfer of Rs 2.11 lakh crore as surplus to the government for the financial year 2023-24.

The central bank said surplus transfer to the government for financial year 2023-24 is based on the Economic Capital Framework (ECF) adopted by the RBI on August 26, 2019 as per recommendations of the Bimal Jalan committee. The sharp jump in the surplus amount could be attributed to higher income from the forex holding of the central bank, among other factors.

CNI