Indian economy expected to grow by 7% in this fiscal year, increase in foreign exchange reserves: RBI – PROTHOM KOLKATA
.. First Calcutta.
RBI Report: Inflation has caused concern around the world. Whose wrath came to India, one of the most populous countries in the world. There is a lot of analysis going on in financial circles on the impact of this coup on India’s financial growth. However, amidst this, some relief was received from the Reserve Bank of India.
The RBI released its November bulletin on Friday. There they said that India’s financial situation is resilient. India is on track to grow by around 7% of GDP in the current fiscal year. Although central banks have also said they are sensitive to different financial conditions globally.
RBI positive on Indian economy
They are well aware of the very difficult situation that the world financial situation is going through. According to the RBI report, GDP growth will be between 6.1% and 6.3% in the July-September quarter. This will bring India’s GDP growth rate to around 7% for the fiscal year 2022-23.
The central bank said rice purchases during the kharif marketing season were higher than last year, but wheat purchases fell significantly. On the other hand, rabi plantings have increased compared to last year. According to the RBI report, northeast monsoon rainfall and reservoir water storage levels are also positive.
Increase in foreign exchange reserves as well
On Friday, the Reserve Bank’s weekly statistics show that India’s foreign exchange reserves hit $544.72 billion in a week from November 11. This is the largest weekly increase in more than a year.
India’s exchange rate was $529.99 billion on November 4. However, this increase is not sufficient compared to the reserves at the beginning of this year (about 630 billion). However, the point to note is that RBI sold part of this reserve to prevent the fall of the Indian currency (Indian Rupee).
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