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RBI Repo Rate: The Reserve Bank today made big announcements under the review of the three-day MPC meeting and has increased the repo rate by 0.35 percent today. After this the repo rate has come down to 6.25 per cent. Shaktikanta Das also made big announcements regarding growth and inflation rate and said that Indian economy will continue to achieve fastest growth despite unfavorable geo-political conditions.
Know here what big announcements RBI made in its monetary policy today
- 4 out of 6 members of RBI’s MPC were in favor of withdrawing the accommodative stance, hence RBI’s stance of ‘withdrawal of accommodation’ regarding monetary policy remains intact.
- It will take time to achieve the fixed target of inflation in the country and there is a possibility of staying above it. By the end of the financial year 2023 i.e. till March 2023, the inflation rate is expected to remain above 4 percent.
- In the financial year 2023, the estimate of economic growth rate ie GDP growth, which was earlier at 7 percent, has been reduced to 6.8 percent.
- GDP growth in the first quarter of FY204 is being reduced from 7.2 percent to 7.1 percent.
- Challenges remain in the global supply chain and its impact can also be seen on the prices of food products in India.
- The retail inflation rate is expected to come down to 5.4 per cent in the second quarter of FY2024, which means by that time this inflation rate will come within the target set by the RBI.
- In the current financial year i.e. in the year 2023, the inflation rate is estimated to be 6.7 percent.
- In the October-December quarter of the current financial year i.e. the third quarter, the inflation rate is expected to remain at 6.6 percent.
- In the January-March quarter of the financial year 2023 ie the fourth quarter, the inflation rate is estimated to be 5.4 percent.
- RBI Governor Shaktikanta Das said that the time of money market will be from 9 am to 5 pm.
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