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RBI MPC Meet highlights: Real GDP growth for current fiscal projected at 7%, says Shaktikanta Das
The RBI last increased the repo rate in February to 6.5%, ending the interest rate hike cycle which began in May 2022.
Reserve Bank of India governor Shaktikanta Das on Friday unveiled the decisions of the six-member MPC (Monetary Policy Committee) for the next set of bi-monthly monetary policy. The RBI's high-powered rate-setting panel began its three-day brainstorming on Wednesday.
The RBI left the benchmark policy rate (repo) unchanged in its four monetary policies. The repo rate refers to the rate at which commercial banks borrow money by selling their securities to the reserve bank. These rates are key to boosting credit and investments by businesses to boost economic growth.
Also Read | Why RBI is not likely to cut policy rates on Friday
The RBI last increased the repo rate in February to 6.5%, ending the interest rate hike cycle which began in May 2022 in the aftermath of the Russia-Ukraine war and subsequent disruptions in the global supply chain.
What know about RBI Monetary Policy Committee meeting:
- According to the report by Deutsche Bank, the interest rate cycle appears to have peaked and the RBI is unlikely to go for further hikes, unless absolutely necessary. The rate is likely to be cut in June, it said.
- According to a Reuters poll, the RBI will hold the key policy rate at 6.50 per cent for a fifth consecutive meeting.
- Traders anticipate a hawkish undertone to the policy guidance, with the focus remaining on inflation and liquidity management.
RBI MPC Meet Live: Shaktikanta Das on inflation
RBI Governor Shaktikanta Das said that the bank expects inflation to be:
October-December 2023 - 5.6% (retained)
January-March 2024- 5.2 % (retained)
April-June 2024 - 5.2 % (retained)
July-September 2024 - 4.0%.
October-December 2024 - 4.7%
RBI MPC Meet Live: Shaktikanta Das shares quarter-wise GDP projections
RBI Governor Shaktikanta Das says: ".Real GDP growth for the current year 2023-24 is projected at 7% - with Q3 at 6.5% and Q4 at 6%. Real GDP growth for Q1 of 2024-25 is projected at 6.7%, for Q2 at 6.5% and for Q3 at 6.4%. The risks are evenly balanced."
RBI MPC Meet Live: Real GDP for 2023-'24 projected at 7%, says Shaktikanta Das
The real GDP growth for the current year (2023-'24) is projected at 7%, RBI governor Shaktikanta Das says.
RBI MPC Meet Live: ‘Indian economy presents a picture of resilience, momentum’
RBI Governor Shaktikanta Das says that the Indian economy presents a picture of resilience, and momentum. He adds that fundamentals remain strong.
RBI MPC Meet Live: Repo rate to remain unchanged at 6.50%, announces Shaktikanta Das
The Reserve Bank of India’s Monetary Policy Committee on Friday decided to keep the repo rate unchanged at 6.50% for the fourth consecutive time, Governor Shaktikanta Das announced.
RBI MPC Meet Live: Shaktikanta Das begins announcement
Reserve Bank of India governor Shaktikanta Das has begun announcing the decisions of the six-member MPC (Monetary Policy Committee) for the next set of bi-monthly monetary policy.
RBI MPC meet LIVE: What was announced at the last meeting?
In October, the RBI decided to leave its benchmark repo rate unchanged for the fourth straight time, keeping it at 6.5%, while maintaining that it was focussed on a “withdrawal of accommodation” to tame inflation.
Speaking on the decision, RBI Governor Shaktikanta Das said “recurring large overlapping food price shocks can impart generalisation and persistence to headline inflation”, a warning that elevated food prices could spill over to other sectors and inflation could become sticky, about which the central banker would remain watchful. More here.
RBI MPC meet LIVE: What is repo rate?
The repo rate refers to the rate at which commercial banks borrow money by selling their securities to the reserve bank. These rates are key to boosting credit and investments by businesses to boost economic growth.
RBI MPC meet LIVE: Where to watch
The RBI will livestream the governor's policy statement on RBI's YouTube channel or RBI's official X (formerly Twitter) handle.
RBI MPC meet LIVE: Bi-monthly meeting started on Dec 6
The bi-monthly MPC meeting started on Wednesday and the decision on rates will be announced today at around 10 am.
RBI MPC meet LIVE: Shaktikanta Das to announce decisions today
Reserve Bank of India governor Shaktikanta Das on Friday will unveil the decisions of the six-member MPC (Monetary Policy Committee) for the next set of bi-monthly monetary policy.
