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RBI MPC Meeting: The Reserve Bank of India (RBI) has announced the decisions of its Monetary Policy Committee (MPC meeting) today. In this, the repo rate has been increased by 0.50 percent. Announcing the decisions of the Monetary Policy Committee, RBI Governor Shaktikanta Das said that the repo rate is being increased by 50 basis points. Now the repo rate has come down to 5.90 percent which was earlier at 5.40 percent. This has come into force with immediate effect.
What RBI Governor Shaktikanta Das said
Shaktikanta Das said that there are challenges before the Indian economy and the effect of change in geo-political conditions is also being seen. In the last 2.5 years, the world has seen two major global changes and these were the crisis of Kovid and the Russo-Ukraine war. The Indian economy has dealt with it in a proper way in spite of the increasingly challenging circumstances. There has been an uptick in rural demand in the country and investment conditions have also improved. However, now the inflation rate is expected to come under control. The inflation forecast for the financial year 2023 has been retained at 6.7 per cent.
What did Shaktikanta Das say about inflation?
Shaktikanta Das said that inflation rates are still high and the country is facing high rates of imported products. Rising currency prices are also the reason behind this. Inflation rate in India is expected to increase even further, but the situation in India is much better than many emerging economies. Shaktikanta Das has said that the accommodative withdrawal stance of the RBI remains intact and the continuous increase in inflation rate is a major reason behind this.
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