Reserve Bank of India (RBI) Governor Shaktikanta Das noted on Wednesday the growth rate for 2022-23 could be higher than the official projection of 7 per cent. While the data will be released next week and that will reveal the position for the fiscal year ended March 31, the real issue worth debating would be the medium-term growth outlook for the Indian economy at a time when global growth is likely to remain below trend, along with tighter global financial conditions. The medium-term growth outlook, to a large extent, will depend on a durable pick-up in real investment. Foreign direct investment (FDI) in this context will be crucial. The news on this front, however, is not encouraging. The RBI in its latest monthly bulletin has reported that gross FDI in 2022-23 declined by 16.3 per cent year-on-year to $71 billion. FDI at net level declined by over 27 per cent to $28 billion, driven by lower gross inflows and a rise in repatriation.