RBI Keeps Repo Rate Unchanged at 6.5 pc; GDP growth for FY25 reduced to 6.6 per cent from 7.2 per cent
"As a result, the Standing Deposit Facility (SDF) rate remains at 6.25 per cent, and the Marginal Standing Facility (MSF) rate, along with the Bank Rate, stays at 6.75 per cent," Das added.
ANI
Dec 06, 2024 10:29 IST
Mumbai (Maharashtra) [India], December 6 (ANI): The Reserve Bank of India (RBI) decided to keep the repo rate unchanged at 6.5 per cent for the 11th consecutive period, marking a continuation of its neutral monetary policy stance.
Governor Shaktikanta Das announced that this decision was made by a 4:2 majority during the Monetary Policy Committee (MPC) meeting on Friday,
"As a result, the Standing Deposit Facility (SDF) rate remains at 6.25 per cent, and the Marginal Standing Facility (MSF) rate, along with the Bank Rate, stays at 6.75 per cent," Das added.
Reflecting on India's economic trajectory, the Governor disclosed a revised GDP growth projection for FY25.
He said, "Real GDP growth for 2024-25, that is the current year, is now projected at 6.6 per cent, with Q3 at 6.8 per cent and Q4 at 7.2 per cent. Real GDP growth for the first quarter of 2025-26 is projected at 6.9 per cent, and the second quarter of 2025-26 at 7.3 per cent."
The RBI Governor announced that cash Reserve Ratio or CRR was cut by 50 basis points from 4.5 per cent to 4 per cent. This the Governor said will infuse Rs 1.15 lac crore of liquidity into the banking system
Inflation projection for FY25 has been hiked from 4.5 per cent to 4.8 per cent as per RBI.
The MPC also unanimously agreed to persist with a neutral stance and remain unequivocally focused on aligning inflation with the target on a durable basis.
"The mandate of the Reserve Bank of India is to maintain price stability while supporting the objective of growth," Das emphasized.
Reflecting on India's economic trajectory, Shaktikanta Das noted, "As an economy, India has been growing at over 8 per cent GDP growth in the last three years. Despite recent aberrations in growth and inflation trajectories, the economy continues its journey on a sustained and balanced path towards progress."
Das further highlighted India's strong position in a rapidly evolving global economic landscape. "Amidst the reshaping of the global economy, India is well-positioned to benefit from emerging trends as it forges ahead on a transformative journey," he stated. (ANI)
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