RBI Monetary Policy Meet 2023 Live Updates: Manufacturing Activity Picks Up
The Reserve Bank of India (RBI) is all set to announce its latest monetary policy today. The central bank’s Monetary Policy Committee (MPC) will meet during June 7-9, 2023, to take a call on key policy rates. As the economy battles the second wave of Covid-19, the RBI is expected to maintain a status quo on the interest rates. However, market experts are closely watching the RBI’s commentary on the growth outlook and inflation trajectory.
Here are the live updates from the RBI Monetary Policy Meet 2023:
– Manufacturing activity in India has picked up pace in May. Experts believe that the RBI’s monetary policy will be influenced by the key economic data points. The manufacturing PMI rose to 58.7 in May, up from 57.2 in April.
– However, the growth in the service sector has shown some softness. The service sector PMI came down to 61.2 in May from 62 in April. The RBI may take note of this trend while announcing its policy.
– The GST collection has remained robust in May, indicating a strong economic rebound. The GST collection for May stood at Rs 1.6 lakh crore, down slightly from Rs 1.9 lakh crore in April, which was an all-time high.
– The RBI is also expected to comment on the inflationary pressures. While the headline inflation has remained within the central bank’s target range of 2-6%, the prices of essential commodities, including food and fuel, have been rising steadily.
– The RBI Governor, Shaktikanta Das, is likely to address the media at 11:00 am today, following the announcement of the policy.
The RBI’s monetary policy is closely watched by the market participants as it impacts the borrowing costs and liquidity situation in the economy. The government and the industry are also keenly awaiting the central bank’s commentary on the growth outlook, given the challenges posed by the pandemic.
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