RBI may raise India's growth forecast above 7% this year
Business
India's economy could grow faster than expected this year, with the Reserve Bank of India (RBI) possibly raising its forecast from 6.6% to more than 7%.
This brighter outlook comes as global oil prices settle around $70 a barrel and tensions in the Middle East ease, thanks to progress in U.S.-Iran peace talks, good news for a country that imports most of its oil.
Nagesh Kumar says inflation pressures easing
Stable oil prices are helping calm inflation worries.
Nagesh Kumar from RBI's policy committee explained that recent price spikes were mostly due to supply issues, but things are starting to improve.
With less pressure from rising costs, the RBI might revise its inflation projections closer to 4% at its August meeting, which could give India's economy an extra boost.