The country’s growth rate will be 7.2 percent, RBI governor warns about inflation and oil prices
Business
oi – Ankur Singh
New Delhi, 08 June. The Reserve Bank of India has increased interest rates to control inflation. Reserve Bank of India Governor Shaktikanta Das has announced an increase of 50 basis points in the repo rate, after which the repo rate has gone up to 4.90 percent. Along with this, Shaktikanta Das said that the growth rate of the country will be better in the coming times. He said that in the financial year 2022-23, the country’s growth rate will be 7.2 percent. He said that the GDP rate will be 16.2 percent in the first quarter, 6.2 percent in the second, 4.1 percent in the third and 4 percent in the fourth. However, he has cautioned about rising oil prices. Shaktikanta Das has warned about oil prices due to the ongoing war between Ukraine and Russia.
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The RBI governor said that due to the normalization of monsoon, this time there will be an increase in consumption in rural areas as well. The Indian Meteorological Department has expressed the possibility that this time the monsoon will be better. This year, normal monsoon and crude oil prices can average $105 per barrel in the Indian market, inflation may be 6.7 percent. Increase in the price of products, revision in electricity price, increase in the price of animal feed, problems in supply chain, crude oil prices in the international market can increase inflation. The war going on in Europe is protracted, due to which new challenges are emerging every day.
It is worth noting that last time the RBI Governor had said that the country’s GDP would be 7.8 percent, which has been reduced to 7.2 percent. Shaktikanta Das also referred to NSO’s data on India’s GDP, he said that at this stage the country’s GDP has gone up from the pre-Corona period. Let us inform that the Reserve Bank has announced an increase of 50 basis points in the repo rate today, after which the EMI of people’s loans may increase. Even before the announcement of RBI, HDFC Bank, Canara Bank, Karur Vysya Bank have increased the interest rates.
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english summary
RBI governor projected growth rate to 7.2 percent warns on oil price and inflation.
