Repo rate was raised by 250 basis points between May 2022 and February 2023. Robust growth to provide space for monetary policy to remain focused on bringing inflation down to 4% target.
Governor Shaktikanta Das also provided a positive outlook for manufacturing and services sector, while adding that agricultural sector was expected to remain resilient.
RBI’s monetary policy committee voted to keep interest rates unchanged at 6.5%, says RBI Governor Shaktikanta Das. Adds, inflation is set to ease further to 5.2% by end of financial year.
In its monetary policy statement, the RBI projected the real GDP growth for the current fiscal at 6.5%, while the retail inflation was projected at 5.4%.
While status quo on rates was expected, there was difference of opinion on stance, which was also left unchanged to focus on withdrawal of accommodation to ensure inflation aligns with 4% target.
Central bank’s rate-setting body felt that it was time to assess impact of past hikes, while also staying ready to increase interest rates again if needed, said RBI Governor Shaktikanta Das.
RBI is expected to raise its benchmark rate for the 7th consecutive meeting & leave the door open for more increases to bring inflation back within its target range, economists said.
Matters of defence and foreign policy are important, but the new government must address widespread discontent in the country. This begins with investing in the rural sector.
Bibek Debroy, chairman of Prime Minister’s Economic Advisory Council, also suggested that analysing inequality at the state level might provide a clearer picture of inequality, as a national estimate could be misleading.
Pictures had emerged of Chinese soldiers carrying rifles and iron rods with machete-like heads in the vicinity of India’s forward locations on the southern bank of Pangong Tso in 2020.
Occasional lovers’ tiffs have marked history of RSS-BJP relations. To think that Nagpur will bring about any change in leadership is a misreading of both its intent and its power.
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