Recent US bank shocks will have limited impact on India: RBI

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Mumbai: India's economy is developing steadily and the global financial instability will not have major consequences on India, according to the Reserve Bank of India (RBI).

India's economy will not slow down like the global economy. The growth momentum that started in the financial year 2022-23 will continue, RBI said in a statement issued.

For the fourth quarter of the current financial year, the economic growth rate of the country is expected to be 5.30 percent. While the direct impact of the recent bank shocks in the US on the Indian economy will be limited, markets are bracing for tighter monetary conditions.

India has emerged from the Corona epidemic stronger than expected. India's retail inflation is expected to be between 5 to 5.60 percent in FY 2024, barring the adverse effects of El Nino.

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