RBI Monetary Policy: Reserve Bank of India (RBI) Governor Shaktikanta Das announced the monetary policy on Thursday. No change was made in the repo and it has been retained at 4 per cent. Along with this, the governor has expected the GDP growth rate to be 7.8 percent in the financial year 2022-23.
New Delhi: Reserve Bank of India (RBI) Governor Shaktikanta Das announced the monetary policy on Thursday. MPC has not made any change in the policy rates. The repo rate remains intact at 4 per cent. This means that there will be no change in the monthly installment of the loan.
Repo rate stable at 3.35 per cent
Apart from this, RBI has retained the repo rate at 3.35 percent (Reverse repo rate). The stance of the policy has been kept ‘accomodative’. The central bank has not made any change in interest rates for the 10th time in a row. Earlier, the Reserve Bank last changed the interest rates on 22 May 2020.
GDP growth expected to be 7.8%
RBI Governor Shaktikanta Das has projected real GDP growth at 7.8 per cent in the financial year 2022-23. In the second quarter of FY23, the GDP growth estimate has been reduced from 7.8 percent to 7 percent. At the same time, GDP growth can be 4.3 percent in the third quarter of the financial year 2023 and 4.5 percent in the fourth quarter of FY23.
This is the 10th time when there was no change in the repo rate
Simultaneously, the RBI retained its accommodative stance amid high rate of inflation. That is, there is no possibility of an increase in the policy rate at the moment. This is the 10th consecutive time that the Monetary Policy Committee headed by RBI Governor Shaktikanta Das has not made any change in the repo rate. Earlier on May 22, 2020, with the intention of stimulating demand, the repo rate was reduced to a record low level.
The pace of recovery in the economy has slowed down a bit.
Announcing the policy, Governor Shaktikanta Das said that the foundation of the economy remains strong and the country remains one of the economies achieving strong economic growth. He also said that the pace of recovery in the economy has slowed down a bit. At the same time, the pace of private investment is still slow. He said that the economy is recovering due to massive covid vaccination, monetary support and fiscal consolidation.
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