RBI says India's growth momentum likely to be sustained

The Reserve Bank of India (RBI) has said that India's growth momentum is likely to be sustained in 2023-24 in an atmosphere of easing inflationary pressures.According to the RBI's annual report released on Tuesday, the country's sustained growth momentum is going to be on the back of sound macroeconomic policies, softer commodity prices, a robust financial sector, a healthy corporate sector and a continued fiscal policy thrust on quality of government expenditure. The RBI report, however, added that there could be downside risks to the growth due to slowing global growth, protracted geopolitical tensions and new stress events in the global financial system.
The RBI's Annual Report for 2022-23, said its monetary policy is pointed towards withdrawal of accommodation to ensure that inflation progressively aligns with the target, and supports growth at the same time. The report further said that the number of frauds in the banking sector went up to 13,530 in 2022-23 year-on-year, but the amount involved nearly halved at Rs 30,252 crore. Frauds occurred predominantly in the category of digital payments (card/internet), in terms of number, said Reserve Bank's Annual Report 2022-23.However, in terms of value, frauds have been reported primarily in the loan portfolio (advances category).