Five out of six members of MPC voted to remain focused on withdrawal of accommodation to ensure inflation aligns with target while focusing on growth, RBI Governor Shaktikanta Das said on Thursday. The Monetary Policy Committee of the central bank decided to take a pause after a rate hike
In the just concluded three-day monetary policy committee meeting, the RBI decided to raise the repo rate, the rate at which the RBI lends money to all commercial banks, by 25 basis points to 6.5 per cent.
The GDP projections for Q1, Q2, Q3, and Q4 2023-24 are estimated at 7.8 per cent, 6.2 per cent, 6.0 per cent, and 5.8 per cent, respectively, with risks, evenly balanced.
SBI Research, in a report published moments before the RBI meeting started, said India's central bank is expected to pause the policy rate hike during the February 6-8 review meeting.
India's retail inflation was above RBI's 6 per cent target for three consecutive quarters, and had only managed to fall back to the RBI's comfort zone in November 2022.
Indian stock indices settled lower on Thursday, extending losses for the third straight session over concerns of a possible resurgence of Covid cases in several countries.