Officials back Dholakia's objection to RBI's growth assessment for 2017-18

Divergence between CSO advance estimates and central bank's projections of GVA growth

As advance estimates by the statistics office for growth in gross value added (GV) came much below the Reserve Bank of India's (RBI) projections for 2017-18, officials in the Central Statistics Office (CSO) point to an assessment by a Monetary Policy Committee (MPC) member who said the central bank had overestimated the numbers, ahead of the December policy review.

 

Another official in the finance ministry said the assessment by the member, R Dholakia, was correct so far as the issue of cut in the policy rate was concerned.

 

According to minutes of the MPC meeting in December, Dholakia said RBI overestimated growth.