RBI retains GDP growth forecast at 10.5 pc for FY22
The Reserve Bank of India on Wednesday retained the economic growth projection for the current financial year at 10.5 percent, while cautioning that the recent surge in COVID-19 infections has created uncertainty over the economic growth recovery. In its last policy review, the RBI had projected a GDP growth rate of 10.5 percent for FY'22. In a statement after the first Monetary Policy Committee (MPC), RBI Governor Shaktikanta Das said the recent surge in COVID-19 infections adds uncertainty to the domestic growth outlook amidst the tightening of restrictions by some state governments. "In India, we are now better prepared to meet the challenges posed by this resurgence in infections. The National Statistical Office (NSO) in its update on February 26, 2021 placed the contraction in real GDP at 8.0 percent for 2020-21.