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05 October 2018
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| GDP growth (The Total Investment & Insurance Solutions) |
Economic Affairs SecretarySubhash Chandra
Garg Friday said the GDP growth is expected to be higher than the RBI's
projection of 7.4 per cent for the current fiscal. The Reserve Bank in its
fourth bimonthly policy review retained GDP forecast for 2018-19 at 7.4 per
cent based on an overall assessment.
"Government welcomes MPC statement and
decision to keep the rates unchanged. Government's assessment of inflation is
in line with the MPC's assessment. We believe growth should turn out to be
higher than that projected by MPC (monetary policy committee)," he
tweeted.
Later, the finance ministry in a statement
said the status quo decision by the MPC is in consonance with the government's
assessment of inflation and growth going forward and for achieving the
medium-term target for consumer price index (CPI) inflation of 4 per cent
within a band of +/- 2 per cent, while supporting growth.
"The government welcomes the MPC's
assessment and notes its decision to maintain the Policy Rate," the
statement said. On the basis of an assessment of the current and evolving
macroeconomic situation, the RBI maintained the status quo by keeping key
policy rate unchanged at 6.5 per cent.
The projections of inflation for 2018-19 and
first quarter of 2019-20 have been revised downwards from the August
resolution. The RBI lowered its retail inflation projection for the second half
of the current fiscal at 3.9-4.5 per cent mainly because of an unusually benign
trend in food prices.The Total
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