Kolkata, Feb 29 (PTI) Chief economist of Bandhan Bank Siddhartha Sanyal welcomed the GDP growth forecast of 7.6 per cent for 2023-24 released by the National Statistical Office (NSO) on Thursday.

Sanyal said, "The GDP growth number for 2023-24 will be highest in seven years, barring 2021-22, which had shot up due to the statistical effects of a favourable post-COVID base".

Also Read | One Vehicle, One FASTag Initiative: Complete FASTag KYC Update by February 29 To Avoid Account Deactivation; Here's a Step-by-Step Guide.

He said the high-frequency indicators continue to be robust, suggesting strong growth possibilities during 2024-25 as well.

"Strong growth coupled with softening of inflation in the coming quarters will offer cushion for policymakers, particularly regarding monetary policy and a key aspect to watch remains RBI's communication and action on the liquidity front", he said.

Also Read | CUET-UG Exam 2024: Application Process for Common University Entrance Test-UG Begins Today, Exams To Be Conducted in Hybrid Mode; Check Other Details.

It is expected that rate cuts are unlikely in the next couple of monetary policy committee (MPC) meetings, Sanyal added. PTI dc

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)