Indian economy is likely to grow at 7 per cent in the current fiscal year starting April, the Reserve Bank of India (RBI) said in its annual report released on Thursday.
The Indian economy, it said, expanded at a robust pace in 2023-24 (April 2023 to March 2024 financial year), with real GDP growth accelerating to 7.6 per cent from 7.0 per cent in the previous year – the third successive year of 7 per cent or above growth.
"The real GDP growth for 2024-25 is projected at 7.0 per cent with risks evenly balanced," it said.
The economy, it said, showed resilience in FY24 despite persistent headwinds.
The size of Reserve Bank's balance sheet increased by 11.08 per cent to Rs 70.47 lakh crore as on March 2024, leading to the highest-ever dividend payout to the government, according to the central bank's annual report.
In actual terms, the increase was Rs 7,02,946.97 crore over Rs 63.45 lakh crore as on March 2023.
The central bank's net income stood at Rs 2.11 lakh crore at end-March 2024 after making a provision of Rs 42,819.91 crore, significantly down from Rs 1,30,875.75 crore in the preceding fiscal. The amount made towards provisioning is transferred to Contingency Fund (CF).
The net income during 2022-23 was Rs 87,420 crore.
Like 2022-23, no provision was made towards Asset Development Fund (ADF) during the year under review.