9.5% growth projection for whole year seems on track: RBI Dy Governor Patra

Reserve Bank will remain in surplus mode and the liquidity management framework will continue in absorption mode, he added

With India’s gross domestic product (GDP) growing at 20.1 per cent in the first quarter of FY22, the Reserve Bank of India (RBI) believes the economy is well and truly on track to achieve its projected growth rate of 9.5 per cent in the current financial year, even as there is a fierce debate on whether the elevated level of inflation is transitory or persistent.

RBI deputy governor, Michael Debabrata Patra said, “The GDP outcome for the first quarter coming in just a shade below the RBI’s forecast, the projection of growth of 9.5 per cent for the year