The Reserve Bank of India (RBI) made an announcement regarding its key rates after the conclusion of a three-day Monetary Policy Committee (MPC) meeting led by Governor Shaktikanta Das on Thursday. The committee, comprised of three members from RBI and three external members, maintained the repo rate at a steady 6.5%.
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Here are the top announcements by RBI
- Monetary Policy Committee, or MPC, decides unanimously to keep repo rate unchanged at 6.5%. MPC to remain focussed on withdrawal of accommodation of policy stance.
- Retail inflation projection lowered to 5.1% from earlier estimate of 5.2%. Headline inflation is still above 4% target and is likely to remain so during rest of the year.
- Domestic demand condition remains supportive of growth.
- Real GDP growth projection for FY23/24 is 6.5%.
- Quarterly projection is as follows - Q1 is 8%, Q2 is 6.5%, Q3 is 6% and Q4 is 5.7%.
- Net inflow in non-resident deposits at USD 8 billion in FY'23, was USD 3.2 billion last year.
- Indian rupee has remained stable since January this year.
- Current account deficit expected to moderate further in Q4 and remain eminently manageable. Forex reserves are at comfortable levels.
- Pace of global economic activity to decelerate due to geopolitical situation.
- MPC will continue to take policy actions promptly and appropriately to keep inflation expectations firmly anchored.
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