According to the RBI annual report, GDP increased by 7 percent or more for three consecutive years. GDP is projected to grow by 7 percent in 2024-25 as well.
New Delhi: The Indian economy is likely to grow at 7 percent in the current financial year. This possibility was reported on Thursday in the annual report of the Reserve Bank of India (RBI). The report also stated that the Indian economy expanded at a faster pace in the financial year 2023-24, resulting in GDP growth of over 7.6 percent during this period, compared to 7 percent in the previous year. With this, GDP increased by 7 percent or more for three consecutive years. GDP is projected to grow by 7 percent in 2024-25 as well.
According to the RBI annual report, farmers will receive a minimum refund of 50 percent of the amount spent on cultivating all crops during the 2023-24 financial year after selling the Kharif and Rabi crops. The overall public stock of food grains increased by 2.9 percent as of March 31 this year. The report estimated that the production of Kharif and Rabi food grains in 2023-24 was 1.3 percent lower than the previous year. Millet production may be profitable this year. In 2023-24, the minimum support price (MSP) was increased by 5.3-10.4 percent for Kharif crops and 2.0-7.1 percent for Rabi crops. Among the Kharif crops, mung bean had the highest MSP increase. Among Rabi crops, lentil and wheat had the highest MSP increase.
According to the RBI annual report, the central bank's balance sheet size grew by 11.08 percent to Rs 70.47 lakh crore in the year to March 2024, providing the highest dividend to the government, Rs 7,02,946.97 crore, compared to Rs 63.45 lakh crore at the end of March 2023. The central bank's net income at the end of March 2024 stood at Rs 2.11 lakh crore, significantly higher than Rs 1,30,875.75 crore in the previous fiscal, after revenue of Rs 42,819.91 crore.
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