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RBI MPC Minutes: On 6 April 2023, while announcing the monetary policy, RBI has not increased the policy rates i.e. repo rate. But the ongoing war against inflation has not been won yet, so it would be immature to talk about not increasing interest rates further. Jayant Verma, a member of the Monetary Policy Committee of RBI, has said this. He said that the decision of OPEC countries to cut crude oil production and monsoon still remains a challenge.
RBI has released the minutes of the meeting of the Monetary Policy Committee. According to which Jayant Verma supported not to increase the repo rate. But he said that just before the MPC meeting of RBI, after cutting the production of crude oil by OPEC+ countries, there has been a brake on the fall in crude oil prices and the prices have started rising. He said that more dangerous than cutting production is to cut supply due to lack of demand due to slowdown in the global economy. He said that if the price of crude oil crosses $100 then RBI will have to take appropriate steps keeping that in mind.
He has told the second risk to the monsoon. He said that the forecast of monsoon will come in April, but the exact forecast of the Meteorological Department will be known only at the end of May. He said there has been growing concern in recent weeks about adverse ocean patterns that could affect the monsoon this year. He said that a weak inflationary pressure can increase.
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