Reserve Bank of India Governor Shaktikanta Das said that the next print of retail inflation is likely to be lower than 4.7%.
The governor was speaking at the Confederation of Indian Industry Annual Session 2023. Inflation has moderated but there is no room for complacency, he added.
On the Indian banking system, Das reiterated that it was stable, resilient with strong capital, liquidity and imporoving asset quality.
On the broader economy, the governor pointed out that economic indicators of the fourth quarter of FY23 show that economic activity sustained momentum. "All the high-frequency indicators, around 70 of them, which we monitor at the RBI, the momentum was maintained in the fourth quarter," he said.
Specifically about RBI's growth target of 6.5% for the current fiscal, Das said that he was quite confident that the number will be close to 6.5%. Infact, he added that he won't be surprised if GDP growth comes in slight above 7%.
However, there are downside risks including the El Nino forecast, he added.