Real GDP growth is expected to be 10.5 per cent in 2021-22, which is expected to be 26.2 per cent in the first quarter, 8.3 per cent in the second quarter, 5.4 per cent in the third quarter and 6.2 per cent in the fourth quarter.
The Reserve Bank of India on Wednesday maintained its economic growth forecast for the current fiscal year at 10.5 per cent and said the increase in the COVID-19 transition has created uncertainty about the improvement in the economic growth rate. In its latest policy review, RBI projected GDP growth rate to be 10.5 per cent for FY 2021-22.
The review said that taking into account various factors, real GDP growth is projected to be 10.5 per cent in 2021-22, 26.2 per cent in the first quarter, 8.3 per cent in the second quarter, 5.4 per cent in the third quarter and in the fourth quarter. May remain 6.2 percent.
Efforts will continue to reduce the impact of COVID-19 on the economy.
While announcing the decisions of the Monetary Policy Committee (MPC), RBI Governor Shaktikanta Das said, with the consent of all, it was also decided that liberal stance would be maintained as long as necessary to sustain growth on a sustainable basis and Efforts will continue to reduce the impact of COVID-19 on the economy.
Kept the liberal attitude intact
The RBI decided to keep the key repo rate unchanged at 4 per cent, but at the same time maintained a liberal stance by calling for further cuts if needed to support the economy.
Das said that the central bank would ensure sufficient cash in the system, so that the productive sectors would get loans easily. The RBI said that although companies in manufacturing, services and infrastructure sectors are optimistic about the increase in demand, on the other hand, consumer confidence has been weakened due to increasing cases of COVID-19 transition.
WMA limit extended to September for states by 51,560 crore
The RBI extended the WMAs limit of 51,560 crore rupees for the states by September to help them cope with the financial stress created by the second wave of the corona virus epidemic. The WMA is a short-term loan given by the RBI to the states to bridge the gap between income and expenditure.
WMAs are of two types – general and special. General WMAs are like pure borrowings, while special WMAs are given in lieu of Government of India securities and are considered more secure. With this, the RBI has increased the total WMA limit of states and union territories to Rs 47,010 crore per year.
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