The Reserve Bank expects India’s economic growth rate to accelerate to 7.4 per cent in the current financial year on pick up in industrial activity and good monsoon.
In its annual report released today, RBI also said that its monetary policy will continue to be guided by the objective of achieving the medium-term target for retail inflation of 4 per cent, within a tolerance band of +/- 2 per cent, while supporting growth.
It cautioned that India’s external sector will have to confront global headwinds, but expressed confidence that the Current Account Deficit would largely be financed by foreign direct investment. Read More
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