On the backdrop of strong fundamentals of the economy, RBI Governor Shaktikanta Das is optimistic that the growth trajectory seen in the earlier fiscal will continue in the current year. He told this at a press briefing confidently that the initial projection of growth made at 7.2 per cent for the first quarter will most likely be surpassed and now looks to be on track at 7.3 per cent.
He also pointed to the strong recovery in private consumption, mentioning recovery in rural demand, which, again, he broadly attributed to good growth in the agricultural sector. An above-average monsoon, as projected by the India Meteorological Department, is bound to further raise Khariff crop production.
It is against this backdrop that the RBI recalibrated its real gross GDP growth forecast upwards marginally for FY 2024-25 at 7.2 percent against its earlier projection of 7 per cent growth.
Das broke out these growth projections in GDP quarter by quarter. Q1 growth would have been 7.3 percent, Q2 at 7.2 percent, Q3 at 7.3 percent, and Q4 at 7.2 percent—thereby showing a consistent growth trend throughout this year.
Read also | Fitch Upgrades India's FY25 Growth Forecast to 7.2%
Read also | India Sees Strong 21% Rise in Net Direct Tax Collections for FY25
