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HomeBusinessEconomy like Tejas, may soar 8% this year, says Shaktikanta Das

Economy like Tejas, may soar 8% this year, says Shaktikanta Das

MUMBAI: Comparing India’s growth momentum with

Tejas

combat aircraft, RBI governor

Shaktikanta Das

on Wednesday said the

economy

could expand around

8%

this year, higher than the 7.6% estimated by the National Statistical Office.
“Our sense and understanding of high frequency indicators and momentum of economic activity tells us that this 5.9% growth forecast for Q4 could be exceeded.

When that happens, growth in FY24 will be more than 7.6%. There is quite a good chance of GDP growth being close to 8%,” Das told ET NOW, adding that the economy could expand around 7% next year.
He said overall rural demand is showing signs of improvement while remaining strong in urban areas. Besides, other economic metrics such as private investment, capacity utilisation and bank credit growth are showing an uptick.
On recent restrictions imposed on Paytm Payments Bank, the governor said the March 15 deadline for imposing restrictions on deposits was sufficient and urged consumers – who are only linked to the controversial entity – to link their accounts with other players.

“About 80-85% of Paytm Payments Bank users are linked to other banks, along with Paytm bank or other lenders. Their payments will go on in a non-disruptive manner. The challenge is with those 15-20% users. These customers are getting onboarded to other banks.”
He also said RBI remained fully supportive of fintech and reiterated his concern over cryptocurrency, arguing they have “no underlying” and are “speculative”.