Economy likely grew 6.1-6.3% in Q2: RBI – Times of India

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Mumbai: The Reserve Bank of India (RBI) has said that the Indian economy is expected to have grown between 6.1% an 6.3% in the second quarter, putting the country on course for a 7% growth rate for FY23.
“Turning to the Indian economy, recent developments have thrown up both risks and opportunities. The macroeconomic outlook can best be characterised as resilient but sensitive to formidable global headwinds,” the state of the economy report published by the RBI on Friday said.
The GDP data for Q2 of 2022-23 will be released by the government by the end of this month. However, the RBI is able to draw its estimates based on high-frequency indicators and using its ‘nowcasting’ and full information models.
“Aided by festival season demand, rural demand sustained above pre-pandemic levels for the second consecutive month,” the RBI said. According to the report, the moderation of consumer price inflation to below 8% in October from 7.4% in September was driven by a softer food inflation and partly the base effect.
“A month-on-month increase in the index (momentum) by 80bps (100 basis points = 1 percentage point) was more than offset by a favourable base effect (month-on-month change in prices a year ago) of around 140bps, resulting in a deceleration in headline inflation by around 60bps between September and October,” the report said.
The report said that despite the RBI’s moves to tighten monetary policy, liquidity continued to be in surplus mode, with the central bank absorbing about Rs 1.5 lakh crore on a daily basis on average. In the first 11 days of November, net inflows of portfolio investment have more than doubled over the level for the full month of October inflow.
“As the pandemic looks like turning endemic and as the recovery gathers strength and traction, India is arriving on the world stage. On December 1, 2023 India will assume the mantle of the G20 presidency for 2023,” the report said.

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