RBI lowers 2017-18 growth projection to 6.7 per cent

Mumbai:The Reserve Bank of India (RBI) on Wednesday lowered the country's growth projection for 2017-18, pegging the gross value added (GVA) to fall to 6.3 per cent.

The central bank had earlier estimated India's GVA in 2017-18 to grow at 7.3 per cent.

Taking into account various factors during the fiscal, the RBI said: "The projection of real GVA growth for 2017-18 has been revised down to 6.7 per cent from the August 2017 projection of 7.3 per cent, with risks evenly balanced."

While announcing its bi-monthly monetary policy review, the RBI also kept its key interest rate unchanged at 6 per cent.