06/04/2017 3:11 PM IST | Updated 06/04/2017 3:18 PM IST

RBI Projects Growth To Accelerate To 7.4% In 2017-18

In 2016-17, it was 6.7%

Jayanta Dey / Reuters

After a two-day meeting of the Monetary Policy Committee, Reserve Bank of India governor, Urjit Patel projected inflation to be 4.5% for the first half of 2017-18 and 5% for the second half of the year.

Gross value added growth is projected to be 7.4% in 2017-18. In 2016-2017, it was 6.7%.

Urjit Patel also said that the RBI has employed various methods to soak up liquidity. After demonetisation, there had been a surge in liquidity in the system and the RBI has had to device ways to absorb it, said the governor.

The RBI also said that a pilot project is being launched to promote financial literacy in the country.

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