Agricultural growth is driving rural demand, Das says, as private consumption is recovering
Reserve Bank of India (RBI) Governor Shaktikanta Das expects the strong growth momentum of the last financial year to continue into the April-June quarter of the current financial year, bolstered by strong fundamentals of the economy.
“We are quite sanguine that the projection we have given for the first quarter of this year is 7.2 percent. We are quite optimistic that it will be 7.3 percent,” Das said on Tuesday at a media event.
Das also observed that private consumption is recovering, highlighting that rural demand is reviving on the back of stronger growth in the farm sector.
The RBI had on June 7 raised the projection of real gross domestic product for the financial year 2024-25 to 7.2 percent, from 7 percent estimated previously.
The governor said the GDP growth in the first quarter is likely to be at 7.3 percent, 7.2 percent in Q2, 7.3 percent in Q3, and 7.2 percent in the last quarter.
India Meteorological Department has forecast a higher-than-normal monsoon which is expected to result in a higher Kharif output.
[With Inputs from IANS]
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