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New Delhi: RBI Governor Urjit Patel on Wednesday cut the economic growth forecast to 6.9 per cent for the current fiscal from 7.1 per cent estimated earlier, even as he said the economy will bounce back to 7.4 per cent rate next fiscal.

The Reserve Bank on Wednesday kept key interest rates unchanged saying it wants to assess how the transitory effects of demonetisation on inflation and the output gap play out.

“GVA (gross value added) growth for 2016-17 is projected at 6.9 per cent with risks evenly balanced around it. Growth is expected to recover sharply in 2017-18 on account of several factors. GVA growth for 2017-18 is projected at 7.4 per cent, with risks evenly balanced,” the RBI said in its 6th bi-monthly monetary policy statement.

In its last monetary policy on December 7, the central bank had cut growth forecast to 7.1 per cent, from its earlier projection of 7.6 per cent for this fiscal.

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