RBI keeps policy repo rate unchanged as inflation softens

Updated:3 years ago

Mumbai, June 08 (ANI): Reserve Bank of India (RBI) Governor Shaktikanta Das held a press conference on June 08 where he informed that the monetary policy committee unanimously decided to keep the repo rate unchanged at 6.5 per cent. He also spoke about the growth in the Gross Domestic Product (GDP) of India which was recorded at 7.2 per cent in 2022-2023. Earlier, it was estimated to be 7 per cent. He also said that by taking all the factors into consideration, the real GDP growth for the year 2023-24 is projected at 6.5 per cent. “India’s real Gross Domestic Product (GDP) recorded a growth of 7.2 per cent in 2022-23, stronger than the earlier estimate of 7 per cent. It has surpassed its pre-pandemic level by 10.1 per cent...Taking all factors into consideration, the real GDP growth for the year 2023-24 is projected at 6.5 per cent,” said Shaktikanta Das.He also talked about the expansion in system liquidity after the decline in currency in circulation and the pickup in government spending. “...Since the third week of May, the decline in currency in circulation and pick up in government spending have expanded system liquidity. This has got further augmented due to the RBI’s market operations and the deposit of Rs 2,000 banknotes in the banks,” he added. He also talked about how the inflation in India is going to be above 4 per cent throughout 2023-2024. “In India, Consumer Price Inflation eased during March-April 2023 and moved into the tolerance band, declining from 6.7 per cent in 2022-23. Headline inflation, however, is still above the target as per the latest data and is expected to remain so according to our projections for 2023-24. As per our assessment, inflation will remain above 4 per cent throughout 2023-24,” he added.

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RBI keeps policy repo rate unchanged as inflation softens

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