Central bank pegs India’s growth at 8-8.5 percent

By IANS,

Mumbai : The Reserve Bank of India (RBI) Tuesday projected the country’s economic growth in the range of 8-8.5 percent for the current fiscal year and said its estimate was realistic and consistent with global developments.

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Announcing the monetary policy for the current fiscal, the apex bank said the growth in aggregate deposits would be around 17 percent or Rs.55 billion, consistent with the projected money supply growth.

It is necessary to moderate monetary expansion and keep it in the range of 16.5-17 percent in the current fiscal so as to ensure financial stability in the period ahead, the bank said.