"Conditions are in place for an extension of the upward trend in India's real GDP growth, supported by strong investment demand and upbeat business and consumer sentiments," the report said.
It also notes that global growth momentum has been sustained in the first quarter of 2024 and the global trade outlook is turning positive, with treasury yields and mortgage rates rising in major economies, with interest rate cuts expected.
The positive outlook on global trade is expected to boost Indian exports.
India's recent growth performance has surprised many, leading to a flurry of upgrades. For example, the International Monetary Fund (IMF) has revised its forecast for 2023 by 80 basis points between April 2023 and January 2024, the RBI bulletin said.
In the latest update, it expects India to contribute 16 per cent to global growth, the second largest share in the world in terms of market exchange rates, according to which India is the world's fifth largest economy and overtaking Germany and Japan. Is in position. Within the coming decade.
The RBI bulletin also said the country's CPI inflation slowed to 4.9 percent in March after averaging 5.1 percent in the last two months.
However, it warns that in the near term, extreme weather events could pose risks to inflation, as well as prolonged geopolitical tensions that could keep crude prices volatile.
It also notes that global growth momentum has been sustained in the first quarter of 2024 and the global trade outlook is turning positive, with treasury yields and mortgage rates rising in major economies, with interest rate cuts expected.
The positive outlook on global trade is expected to boost Indian exports.
India's recent growth performance has surprised many, leading to a flurry of upgrades. For example, the International Monetary Fund (IMF) has revised its forecast for 2023 by 80 basis points between April 2023 and January 2024, the RBI bulletin said.
In the latest update, it expects India to contribute 16 per cent to global growth, the second largest share in the world in terms of market exchange rates, according to which India is the world's fifth largest economy and overtaking Germany and Japan. Is in position. Within the coming decade.
The RBI bulletin also said the country's CPI inflation slowed to 4.9 percent in March after averaging 5.1 percent in the last two months.
However, it warns that in the near term, extreme weather events could pose risks to inflation, as well as prolonged geopolitical tensions that could keep crude prices volatile.
