Mumbai, Oct 4: The Reserve Bank of India (RBI) on Wednesday lowered the country’s growth projection for 2017-18, pegging the gross value added (GVA) to fall to 6.3 per cent.
The central bank had earlier estimated India’s GVA in 2017-18 to grow at 7.3 per cent.
Taking into account various factors during the fiscal, the RBI said: “The projection of real GVA growth for 2017-18 has been revised down to 6.7 per cent from the August 2017 projection of 7.3 per cent, with risks evenly balanced.”
While announcing its bi-monthly monetary policy review, the RBI also kept its key interest rate unchanged at 6 per cent.
RBI maintains key lending rates as inflation rises
Rising inflationary pressure prompted India’s central bank, the RBI, on Wednesday to maintain its key lending rates.
According to the Reserve Bank of India’s fourth bi-monthly monetary policy review of 2017-18, the repurchase rate, or the short-term lending rate for commercial banks on loans taken from it, has been maintained at 6 per cent.