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"There may be some ups and downs about the GDP... Probably 1% where the true numbers is,” - RAGHURAM RAJAN

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RBI governor Raghuram Rajan

Stressing on the need for private investment to pick up for faster economic growth, Reserve Bank of India (RBI) governor Raghuram Rajan on Wednesday said there is “work to do” before celebrating though the economy is moving in the right direction. He said India is capable of growing at a faster pace, while adding that the “true numbers” of gross domestic product (GDP) could be 1% up or down. The latest official data puts the country’s GDP growth at 7.6%—highest among the world’s major economies—while policymakers and some international organizations such as the IMF have described India as a “bright spot” in an otherwise gloomier global economy. “I would hope that with good monsoon, strong rural demand, with more animal spirits and public investment picking up pace... I think with all that coming together, there will be need for private investment. We have some way to go. I am not saying that economy is where it should be. We do have work to do. We can celebrate…