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Reading: RBI  kept the  repo rate unchanged at 6.5% for  the fifth consecutive  time  
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IndiaBusiness

RBI  kept the  repo rate unchanged at 6.5% for  the fifth consecutive  time  

Team Happen Recently
Last updated: 2023/12/08 at 11:17 AM
Team Happen Recently
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 RBI Governor Shaktikanta Das  announced  the  monetary  policy statement on Friday. 

The  Monetary Policy Committee (MPC)  of the Reserve Bank of India  on Friday decided to keep the repo rate unchanged at 6.50 per cent for the fifth consecutive time.  Governor Shaktikanta Das said the  growth  forecast  has been raised to 7 per cent for the current financial year from 6.5 per cent  previously.  

 “Monetary policy will remain  aggressively  disinflationary,” Das said  while  announcing the  central bank’s  monetary policy  statement.  He added that the vote on the  pension  rate decision was unanimous.  Repo  rate is the  interest  rate  at  which the RBI lends money to commercial banks. 

 GDP growth 

 Growth forecast was  raised to  7%  for the current financial year from  6.5% previously.  

 The central bank  has forecast retail price inflation based on consumer price inflation  (CPI)  at  5.4%  for the current  financial year.  

  India’s  economy grew 7.6% in the July-September quarter, much faster than the  poll average  of 6.8% and  the RBI’s  estimate of 6.5%,  thanks to spending  government spending and  the manufacturing sector, leading to expectations  that  Asia’s  third-largest economy will  surpass  its  current one. Separate  estimates for the  quarter whole  year. 

 The  Governor said the  RBI  forecasts  retail inflation at  5.4 per cent  in  FY24.  “As 2023 comes to  a close, the  global economy  is  showing signs of  slowing,”  he said. The RBI  has  raised the repo rate by a total  of  250 basis points (bps)  from  May 2022 in  a bid  to  rein in soaring  inflation, which  fell  to a four-month low of 4.87% in October, but  still higher than RBI’s level of 4. %.  medium-term  goals over a period of  time.  

 The RBI also maintained  a  policy  of “withdrawal of  accommodative measures”  to ensure inflation  is gradually in line  with the  committee’s  target while  supporting  economic growth.  

 The MPC meeting took place  in  the  context  of inflation  falling  to  4.87%  in October.  November  inflation  figures are  expected to be  announced  next week.  Nifty, Sensex hold gains after MPC keeps  interest  rates unchanged.

Stocks maintained  gains on Friday,  Reuters reported,  with  benchmark indexes Nifty 50 and Sensex hitting fresh record  highs following  the  RBI announcement.  

 The NSE Nifty 50 index  was up 0.37 per cent at  20,976.70 points, while the S&P BSE Sensex was up  0.36 per cent at  69,770.14  at  10:10  am  IST. 

  According to  the  press release,  domestic economic  activity is maintaining  well while  the  risk  of  food inflation remains.  “The Indian  economy presents a picture of  resilience and dynamism; Fundamentals  remain strong,” the RBI governor said. 

  “Today’s  announcement to keep the repo rate unchanged  comes  at a time when  inflation, although  showing signs of  slowing, remains  a  persistent problem.  Crude oil prices are showing signs of  slowing down  and  could help bring  global economic stability.  Therefore,  the possibility of the central bank  reducing interest  rates  can  be  considered. Adhil Shetty, CEO, BankBazaar.com, said today’s  announcement to maintain the  policy rate moratorium  will  further  provide  relief to borrowers, especially with  regard  to  governance  debt and household  spending. 

For more information visit at https://happenrecently.com/zepto/?amp=1

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