RBI MPC Meeting RBI Governor Shaktikanta Das announced the new monetary policy today while narrating the decisions taken in the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI). In this meeting till August 8-10, it has been decided to keep the repo rate stable again. Know what other important issues were before the MPC. Read the full news.https://twitter.com/ANI/status/1689495471956590592?s=20
RBI Governor Shaktikanta Das in MPC Meet: Repo rate maintained at 6.5 percent for the third time in a row
New Delhi, Business Desk: While narrating the decisions taken in the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI), RBI Governor Shaktikanta Das announced the new monetary policy today.
In the MPC meeting held from 8 to 10 August, it was once again decided to keep the repo rate stable.
Repo rate remained stable for the third time
This is the third time in a row that the MPC has kept the repo rate unchanged. Earlier, the repo rate was kept constant in the MPC meeting held in April and June.
Today once again Governor Shaktikanta Das said that for the time being the repo rate will remain constant at 6.5 percent only. Let us tell you that in front of the 6-member MPC, apart from the repo rate, there were many issues like rising inflation, economy etc. in the country, in view of which this meeting was very important.
When was the last change in repo rate?
RBI last changed the repo rate in February 2023. In February, the MPC had decided to increase the repo rate by 0.25 percent. Including this change in the repo rate in February, the repo rate has been increased by 250 basis points i.e. 2.5 percent from May 2022 to February 2023.
GDP will remain at 6.5 percent
Governor Shaktikanta Das retained the GDP growth forecast for the current fiscal at 6.5 per cent. While giving the verdict of the bi-monthly monetary policy, Reserve Bank Governor Shaktikanta Das said that domestic economic activity is maintaining resilience.
Inflation forecast raised
RBI Governor Shaktikanta Das has raised the retail inflation forecast for FY24 to 5.4 per cent from 5.1 per cent earlier due to increase in prices of vegetables, including tomatoes.
The Governor said that Consumer Price Index (CPI) based retail inflation is estimated to be 5.4 per cent for 2023-24. Balancing the risks evenly, the CPI is projected at 6.2 per cent for Q2, 5.7 per cent for Q3 and 5.2 per cent for Q4. At the same time, retail inflation for the first quarter i.e. 2024-25 for FY25 is estimated to be 5.2 percent.
Headline CPI inflation rose to 4.8 per cent in June from 4.3 per cent in May due to higher prices of vegetables, eggs, meat, fish, cereals, pulses and spices.
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