Indian economy expected to grow 6.1% to 6.3% in Q2 – RBI Bulletin

MUMBAI, Nov 18 (Reuters) – India’s economy is expected to grow between 6.1% and 6.3% in the second quarter of the current fiscal year based on high-frequency indicators and economic forecast models, a the Reserve Bank of India (RBI) said in its statement. monthly newsletter.

“If this is realized, India is on track for a growth rate of around 7% in 2022-23,” the central bank said.

Data for the July-September quarter will be released at the end of this month.

“With headline inflation beginning to show signs of moderating, the domestic macroeconomic outlook can be described as resilient, but susceptible to formidable global headwinds,” the RBI said.

“While urban demand appears to be robust, rural demand is muted, but more recently picking up momentum.”

The central bank, however, stressed that the global economy continues to be clouded by downside risks, with tighter global financial conditions and deteriorating market liquidity amplifying financial price movements.

“Markets are now pricing in moderate policy rate increases and risk appetite has returned. In India, supply responses in the economy are strengthening,” the RBI said.

Reporting by Swati Bhat; Editing by Shounak Dasgupta

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