&imwidth=800&imheight=600&format=webp&quality=medium "Reserve Bank of raises India's GDP growth forecast to 6.8 per cent")
The Reserve Bank of India (RBI) on Wednesday revised India's growth forecast for the financial year 2026. Announcing its monetary policy decision, the apex bank said India's growth may be positively impacted by the good monsoonthis year and the central government's GST rationalisation move.
The RBIrevised India's growth forecast to6.8 per cent, with quarterly estimates of 7 per cent in Q2 as against 6.7 per cent announced earlier, 6.4 per cent in Q3 as compared to 6.6 per cent earlier, and 6.2 per cent in Q4 as against 6.3 per cent projected earlier.
Growth for Q1 of the next financial year, FY27, is projected at 6.4 per cent as against 6.6 per cent earlier. The growth projections in Q3, Q4, and Q1 of FY27 were revised downwards, partly due to 50 per cent tariffs by the US on Indian imports.
RBI Governor Sanjay Malhotra said US tariffs might hamper India's exports to the country.
However, the government's GST move will likely offset the impact of globalheadwinds.
"Taking all these factors into account, real GDP growth for this year is now projected at 6.8 per cent. This is a revision from our earlier forecast of 6.5%; now it is projected at 7%, Q3 at 6.4%, and Q4 at 6.2%. Real GDP growth for Q1 next year is projected at 6.4%. The risks are evenly balanced," he added.
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The RBI also kept the repo rate unchanged at 5.5 per cent.
GST reform
The central government has eliminated the 12 per cent and 28 per cent GST slabs. It has placed items in these categories in the lower 5 per cent and 18 per cent slabs. The government made the decision to boost domestic consumption.