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RBI on Global Economic Environment: The Reserve Bank of India (RBI) has released its Monthly Bulletin. The RBI said in the bulletin on Friday, February 17 that it year 2023 Will still prove to be a challenging year. Looking at the challenging global economic environment for the central banks of the country and the world, it seems that this year can create many economic difficulties. Also said that easing the monetary policy would be a big challenge. Know what is special in this bulletin.
Global growth will slow down
This bulletin is issued every month by the RBI. The RBI said that the world’s central banks may face difficulty in figuring out what to do if global growth slows down. If inflation remains high, their worst fears will come true.
The global economy will take a hit
RBI has given information about economic development both in India and abroad in its monthly bulletin. It was said in the bulletin that after several shocks, the global economy is expected to reduce economic growth significantly during the year 2023. Recently, after the relaxation of the restrictions of Corona Pandemic, there has been a boom in the market. To reduce the same inflation, RBI has taken many concrete steps. After this some banks have increased their interest rate.
GDP will remain this much
The same International Monetary Fund’s has retained its GDP growth forecast for India for FY 2022-23 and FY 2023-24 at 6.8 percent and 6.1 percent respectively. . The IMF says that the GDP growth rate in India will decline from 6.8 per cent in 2022-23 to 6.1 per cent in 2023-24 before picking up to 6.8 per cent in 2024-25.
increase in repo rate
The retail inflation rate in the country reached 7.79 percent in April 2022, after which the RBI increased the repo rate for the sixth time in the monetary policy meeting to control inflation. RBI increased the repo rate by 0.25 percent. The repo rate has been increased from 6.25 percent to 6.50 percent. Due to this, loans have become costlier. Due to this, the EMI of the people has become expensive. It is expected that the process of getting expensive loans will stop now.
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