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  3. Economic growth picking up, 5.5% expansion in FY15 likely: RBI

Economic growth picking up, 5.5% expansion in FY15 likely: RBI

22 Aug 2014 Evaluate

The Reserve Bank of India (RBI) stated that Indian economy is likely to grow at 5.5 percent in the current fiscal. The RBI, in its annual report for 2013-14 (year ended June 30), affirmed that economy is emerging from recession with signs of improvement in mining and manufacturing activity, reversal in the corporate investment cycle, improved external demand, stabilizing global commodity along with improvement in macroeconomic pointers like fiscal deficit and inflation.

The RBI report further highlighted that forward-looking surveys and economic indicators along with rising business confidence indicated that private corporate investment is likely to surge in coming future. The central bank’s forecast is unchanged from the prediction earlier this year, however below the predictions of the government, which is expecting the economy to expand by 5.8 percent this financial year.

On weak monsoon, the RBI has stressed that the impact of weak monsoon this fiscal on India's farm production and economy is likely to be limited as rainfall levels have improved considerably over the past month. As of August 13, the all-India cumulative rainfall deficiency was reported at 18 percent of the long period average (LPA) as against an excess of 12 percent in the same period last year. This has been a marked improvement in the monsoon- since July 13 when the deficiency was 43 percent of LPA. On the inflation front, the central bank emphasized that CPI increased to 8 percent in July as prices of vegetables increased substantially on the back of deficient monsoon rainfall. However, vegetable prices' spike could be temporary as there are early indications that the price corrections are underway.

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