RBI announces second monetary policy for current financial year
The Reserve Bank of India (RBI) has announced its second monetary policy for the current financial year, keeping the repo rate constant at 6.50 percent. However, the RBI has expressed concerns about inflation and has stated that it will continue to take necessary actions to control it. Here are the 10 key points of the credit policy:
1. Headline inflation in FY2024 is expected to remain above 4 percent.
2. RBI will continue to take necessary action to control inflation.
3. Average liquidity remains high due to the return of Rs 2000 notes to banks.
4. Rural demand continues to improve, along with domestic demand, which is helpful for growth.
5. The environment remains favorable for capex.
6. Weakness in demand, global volatility, and the risk of El Nino remain as downside risks.
7. Real GDP growth for the current financial year is expected to be 6.5 percent.
8. The real policy rate remains positive.
9. The current account deficit is continuously decreasing and is expected to remain stable in the current financial year.
10. The RBI urges the need to keep an eye on inflation.
The RBI Governor, Shaktikanta Das, has emphasized the need to keep an eye on inflation like Arjuna. While most countries are facing inflation and stalling economic progress, the RBI’s efficiency has controlled inflation in India, allowing for rapid economic progress.
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