RBI raises FY24 growth forecast to 7%, holds rates for 5th time in a row

The RBI on Friday raised the GDP growth projection for the current fiscal year to 7% from the earlier 6.5% and kept interest rates on hold for the fifth time in a row, cautioning that rates may remain elevated for an extended period as inflation is nowhere near its target of 4%.”Against this unsettled global economic backdrop, the Indian economy presents a picture of resilience and momentum. The real GDP growth for Q2 of the current financial year has exceeded all forecasts.