RBI Keeps Key Policy Rate Repo Unchanged at 6.5%
The Reserve Bank of India (RBI) has announced its second bi-monthly monetary policy review for the current financial year. Here are the key highlights:
Key Policy Rate Repo Unchanged
The central bank has decided to maintain the key policy rate repo at 6.5 per cent. This marks the second consecutive time the rate has been kept unchanged.
Economic Growth Forecast Remains at 6.5%
The RBI has retained its economic growth forecast for the current financial year at 6.5 percent. This is in line with the government’s projection for the year.
Inflation Forecast for 2023-24 is Reduced
The inflation forecast for the current financial year 2023-24 has been reduced from 5.2 percent to 5.1 percent. This is a positive development as it signals that inflationary pressures may be easing.
What This Means for India’s Economy
The RBI’s decision to keep the key policy rate repo unchanged is aimed at maintaining the stability of India’s economy. With the economic growth forecast remaining steady, it is expected that the country will continue to experience positive growth in the coming months.
At the same time, the reduction in inflation forecast is a welcome development as it signals that the central bank is successfully managing inflationary pressures. This is important as high inflation can lead to a rise in prices, which can negatively impact consumers.
Overall, the RBI’s second bi-monthly monetary policy review for the current financial year is expected to provide a boost to India’s economy. With the key policy rate repo remaining unchanged and inflation forecast reduced, it is hoped that the country will continue to move towards sustained growth and stability.
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