Is this an indication of 'bahut achche din', asks Congress after RBI lowers growth forecast

The RBI also kept borrowing costs unchanged at a record low for the 11th time in a row in a bid to continue supporting economic growth despite inflation edging higher in the aftermath of the Russia-Ukraine war.

New Delhi: With the RBI lowering the economic growth forecast to 7.2 per cent for the current fiscal, the Congress on Friday took a dig at the government and asked if this was an indication of "bahut achche din (very good days)". The Reserve Bank of India lowered the economic growth forecast to 7.2 per cent for the 2022-23 fiscal from the previous outlook of 7.8 per cent. This compares to real GDP growth of 8.9 per cent in 2021-22.

The RBI also kept borrowing costs unchanged at a record low for the 11th time in a row in a bid to continue supporting economic growth despite inflation edging higher in the aftermath of the Russia-Ukraine war. Attacking the government, Congress chief spokesperson Randeep Surjewala said, "8th day of FY23 and RBI has -: Reduced GDP growth forecast from 7.8% to 7.2%. Increased inflation forecast from 4.5% to 5.7%." "Is this an indication of "BAHUT ACHEY DIN" in FY23?" he tweeted using the hashtag 'BJPMadeFinancialDisaster'.

It is not an "accommodative policy stance" by the RBI on interest rates but this policy establishes GOI's "Habitually Compromising Stance" on rising inflation and falling GDP growth rates, Surjewala said. "Card-less Withdrawals Via UPI is a good technological intervention, but with low growth and high inflation forecasts, how does the @RBI expect money to be available at all in bank accounts? Neither FM nor RBI has provided any answers," the Congress general secretary said.

PTI