RBI Governor Shaktikanta Das, during the MPC meeting decision announcements on Friday, said that real GDP for the year 2022-23 is projected at 7.2 per cent. He added that Q1 is expected to have a growth of 16.2 per cent, Q2 6.2 per cent, Q3 4.1 per cent and Q4 4 per cent. He said that according to NSO’s second advance estimates, real GDP rose by 8.9 per cent in 2021-22.

Private consumption and fixed investment, key drivers of the domestic demand, remained subdued. On the supply side, contact-intensive services still trail the 2019-20 level. Nevertheless the Indian economy is steadily reviving from its pandemic-induced contraction.

During 2021-22, weaknesses in economic activity surfaced in the third quarter and got exacerbated by the Omicron variant in January 2022. A gradual turnaround was noticed during February, although a mixed picture was seen in March, said the Governor.

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