Indian Economy: The Reserve Bank of India has estimated that in the second quarter of 2022-23, India’s gross domestic product (GDP) could be between 6.1 and 6.3 percent. In its latest monthly bulletin, RBI has said that if the estimated rates of these growth rates are achieved, then India’s GDP (GDP) can be 7 percent in 2022-23.
Giving the country’s economic growth outlook, the RBI Bulletin said that based on high frequency indicators, GDP in the second quarter could range between 6.1 to 6.3 percent. Referring to the performance of the third quarter, the RBI bulletin said that the economy is showing improvement on the supply front. The procurement of rice this Kharif marketing season has surpassed last year. However, the procurement of wheat has come down. Reports say rabi sowing has increased year-on-year due to better northeast monsoon and adequate water storage in reservoirs.
According to RBI, the process of reduction in inflation has started. The domestic macroeconomic outlook looks better but global challenges remain. According to the RBI bulletin, when the demand has increased in the urban areas, then there is sluggishness in the rural areas, but in recent times there is a slight improvement.
RBI issues this bulletin every month based on the articles of its experts. Let us tell you that on November 30, the Ministry of Statistics will release the GDP figures for the second quarter of 2022-23, then the meeting of the Monetary Policy Committee of RBI is going to be held from December 5 to 7, in which a decision can be taken on the repo rate.
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