Govt Enforces ‘Melt and Pour’ Rule for All Steel in Public Projects Nippon Steel expected to finalize U.S. Steel acquisition at $55 per share NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
The growth momentum of the Indian economy from the first half of the current financial year is seen continuing into the second half, according to the Reserve Bank of India's (RBI) monthly bulletin.
"The Indian economy continues to sustain the momentum achieved in the first half of 2023-24, going by high-frequency indicators. Expectations of a fresh round of capex by the corporate sector is likely to fuel the next leg of growth," the central bank's monthly State of the Economy article, released on February 20, said.
The article includes Deputy Governor Michael Patra - one of the three RBI representatives on the Monetary Policy Committee (MPC) - as one of its co-authors. The views expressed in the article do not reflect the central bank's official stance.
The observations in the State of the Economy article come days ahead of the release of GDP data for October-December 2023, which will be published by the statistics ministry on February 29. According to the RBI's official forecast, GDP growth is seen moderating to 6.5% in the last quarter of 2023 from July-September's blockbuster number of 7.6%.
However, the central bank's 'nowcast' – which is a more frequently updated forecast made using high-frequency data, but is not the official view – has previously pegged the October-December 2023 GDP growth rate at 7%.
"Implicitly, real GDP would have to expand by 7% in the fourth quarter for the annual estimate of 7.3% to be realised," the RBI Bulletin added on February 20.
In addition to the October-December 2023 GDP data, the statistics ministry on February 29 will also release the second advance estimate of 2023-24 growth. Its first advance estimate of 7.3%, released on January 5, had been higher than forecasts of all economists.
Also Read : SAIL’s Rourkela Steel Plant Signs Deal to Build Pellet Plant Key infra sectors' growth slows to 15-month low of 3.6% in January