RBI unchanged the repo rate for third time
The Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) has not changed the repo rate and kept the rate at 6.5 percent. The main reason behind keep the repo rate unchanged due to inflation recorded to remain above the 4 percent target.
There are six-members in Monetary Policy Committee who were unanimously voted to keep the key repo rate unchanged. It is the third time that the central bank has kept the basic rate unchanged.
The Monetary Policy Committee meetings were held during 8-10 August under the head of RBI Governor Shaktikanta Das.
The last two bi-monthly policy reviews were held in April and June. In the June 2022 review, the RBI MPC decided to keep the key repo rate unchanged at 6.50 percent.
Focus on withdrawal:
The MPC is remaining focused on withdrawal of accommodation to ensure that inflation progressively aligns with the target, while supporting growth.
The transmission of monetary policy is under way as headline inflation remaining higher than 4 percent target.
Contribution of Indian economy in world:
The Indian economy is growing at a reasonable pace and becoming the 5th largest economy in the world with contribution of 15% to global growth.
Projection of growth:
The August MPC projected India's GDP growth forecast for April-June 2024 at 6.6% while the CPI inflation forecast for FY2023-24 has been raised to 5.4% from 5.1%.
The inflation print for June soared to 4.81 per cent, after falling to a 25-month low of 4.25 per cent in May.
The rose prices of fruits and vegetables are accelerating inflation numbers.
Question & Answer:
Q1. The Monetary Policy Committee of RBI holds the repo rate at how much percent?
Ans. 6.5%
Q2. How much percent growth has been projected by MPC for India's GDP growth for April- June 2024?
Ans. 6.6%
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