RBI ups FY24 growth forecast to 7%

Current Context: The Reserve Bank of India's Monetary Policy Committee (RBI MPC) kept the repo rate unchanged at 6.5 per cent for the fifth time in a row on 8th December.

• In its bi-annual policy announcement, RBI Governor Shaktikanta Das said the decision was unanimous.
• Das also said that with a majority of 5-1, the RBI MPC has decided to maintain the "withdrawal of accommodation" stance.
• He, however, cautioned that the near-term forecast remains uncertain owing to food inflation, which may lead to an uptick in headline inflation figures in November and December.
• Governor Das hiked the gross domestic product (GDP) forecast for 2023-24 (FY24) to 7 per cent from 6.5 per cent earlier.
• For the third quarter of the current financial year (Q3FY24), the projection has been hiked to 6.5 per cent from 6 per cent.
• For Q4FY24, the GDP projection has been hiked to 6 per cent from 5.7 per cent earlier.
• For Q1FY25, the projection has also been hiked to 6.7 per cent from 6.6 per cent earlier.
• In Q2FY25 and Q3FY25, the GDP projections have been kept at 6.5 per cent and 6.4 per cent, respectively.

Question:

Q.1 What is the GDP forecast for 2023-24 (FY24) according to RBI Governor Shaktikanta Das?
a. 6.5%
b. 7%
c. 6%
d. 7.5%