The FY24 GDP forecast, however, saw an upward revision from 6.5% to 7%. The report anticipates Consumer Price Index inflation to average 5.3% in FY24, easing to 4.8% in FY25.
Despite global challenges, the RBI expects sustained economic momentum, assuming stable policy rates and global economic conditions.
The state of the economy report also highlights trends in lending and deposit growth, indicating stabilization in deposit mobilization and the impact of the RBI's repo rate hikes on credit markets.