The Reserve Bank of India’s balance sheet size rose 11.08 per cent to ₹70.48 lakh crore as of March 31, 2024, the central bank said in its annual report. The central bank’s balance sheet size at US$844.76 is nearly 2.5 times that of Pakistan’s entire GDP which has been estimated to be around $338.24 billion by the International Monetary Fund (IMF).
In FY23, RBI’s balance sheet stood at ₹63.44 lakh crore. It has now increased to 24.1 per cent of India’s GDP at end of March 2024. RBI also said that its income rose by 17.04 per cent in FY24 while expenditure decreased by 56.30 per cent.
On the Indian economy, RBI said that the outlook remains bright owing to sustained strengthening of macroeconomic fundamentals although food inflation remains vulnerable to recurring supply shocks which is “preventing a quicker alignment of headline inflation with the target,” it said.
RBI said, “The government’s continued thrust on capex while pursuing fiscal consolidation, and consumer and business optimism augur well for investment and consumption demand.”
For FY25, RBI forecast a real GDP growth of around 7 per cent and said that the Indian economy is well-placed to continue its growth trajectory over the next decade amid macroeconomic and financial stability.
“As headline inflation eases towards the target, it will spur consumption demand especially in rural areas,” RBI said.
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
