New Delhi [India], October 9: As anticipated, Shaktikanta Das, the Governor of the Reserve Bank of India (RBI), announced on Friday that the Monetary Policy Committee (MPC) has unanimously chosen to keep the repo rate steady at 6.50 per cent.
The monetary policy committee of the Reserve Bank of India (RBI) in its October review meeting unanimously decided to keep the policy repo rate unchanged at 6.5 per cent, thus maintaining status quo for the fourth straight occasions.
The World Bank has retained India’s GDP growth forecast for the financial year 2023-24 at 6.3 per cent, but noted that the country continued to show resilience against the backdrop of a challenging global environment.
The government's various departments, such as the Department of Science and Technology, the Department of Biotechnology, the Department of Space, and others, have played vital roles in enriching the National Innovation Ecosystem. The Atal Innovation Mission has also significantly contributed
The Reserve Bank of India in its three-day monetary policy committee meeting unanimously decided to keep the repo rate unchanged at 6.5 per cent – for the third time in a row, something most financial market experts had expected.
"The Indian manufacturing sector showed little sign of losing growth momentum in July as production lines continued to motor on the back of strong new order growth,” said Andrew Harker, Economics Director at S&P Global Market Intelligence.
The Asian Development Bank (ADB) in its latest forecast has maintained the growth outlook for developing economies in Asia and the Pacific at 4.8 per cent for 2023, and noted robust domestic demand continues to support the region’s recovery.