(T.E.T)
The Reserve Bank of India has pegged the economic growth rate for 2022-23 at 7.8 per cent, down from 9.2 per cent expected in 2021-22, in view of uncertainties on account of the pandemic and elevated global commodity prices, RBI governor Shaktikanta Das said on Thursday. The RBI’s growth projection for next financial year is lower than 8-8.5 per cent projected by the Finance Ministry in the recent Economic Survey which was tabled in Parliament earlier in the month.
Unveiling the bi-monthly policy, RBI Governor Shaktikanta Das said, “recovery in domestic economic activity is yet to be broad-based, as private consumption and contact-intensive services remain below pre-pandemic levels.” The first advance estimates of national income released by the National Statistical Office (NSO) on January 7, 2022 placed India’s real gross domestic product (GDP) growth at 9.2 per cent for 2021-22, surpassing its pre-pandemic (2019-20) level. “All major components of GDP exceeded their 2019-20 levels, barring private consumption. In its January 31 release, the NSO revised real GDP growth for 2020-21 to (-) 6.6 per cent from the provisional estimates of (-) 7.3 per cent,” he said.
