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.
The inflation is projected to be 4.5% for the first half of 2017-18 and 5% for second half of the year: RBI Guv Urjit Patel pic.twitter.com/u91iumsKEA— ANI (@ANI_news) April 6, 2017
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.
RBI focused on removing liquidity overhang in system: RBI Governor Urjit Patel— ANI (@ANI_news) April 6, 2017
The RBI also said that a pilot project is being launched to promote financial literacy in the country.
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