Notwithstanding global challenges and market volatility, India's real GDP is likely to grow at a 6.5 percent annual rate in FY24, according to RBI Governor Shaktikanta Das in a speech delivered to the RBI Monetary Policy Committee. Previously, the committee had forecasted 6.4 percent GDP growth.

The MPC anticipated 7.8 percent growth in India's GDP in the first quarter, 6.2 percent in the third quarter, and 5.8 percent in the fourth quarter of the preceding fiscal year during its last meeting.

The governor also stated that India's economic activity is resilient, with the GDP forecast to grow at a 7 percent annual rate in FY23. The MPC also opted to keep the benchmark lending rate unchanged at 6.5 percent.