RBI to take re-look at growth estimates

Outgoing Reserve Bank of India (RBI) governor Bimal Jalan on Friday said there was a possibility of the growth projection being revised for ...

Outgoing Reserve Bank of India (RBI) governor Bimal Jalan on Friday said there was a possibility of the growth projection being revised for the year 2003-04 in view of the healthy monsoon.

This, was likely to happen during the mid-term review of the monetary and credit policy in October. Speaking to journalists at an informal luncheon meeting, Jalan said the growth estimates would be “re-looked” during the mid-term review as the monsoon had been better than usual and rainfall had been plentiful.

“The agricultural outlook, therefore, would change substantially, and so would that for industry in the light of the good monsoon. Inflation is also under control,” he said. RBI, in its April monetary policy statement, had placed the real GDP growth in 2003-04 at about six per cent, after taking into account the current trends in various macroeconomic factors. The statement said: “Subject to satisfactory spatial distribution, if rainfall is about 96 per cent of the long term average recovery in agricultural output may be over 3.1 per cent during 2003-04.”

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