Chennai: Not belying the expectations, the Reserve Bank of India’s Monetary Policy Committee (MPC) did not change the repo rate from 6.50 per cent while projecting gross domestic product (GDP) and inflation at 6.5 per cent and 5.1 per cent respectively.
Announcing the decision of the MPC after its three-day deliberations, RBI Governor Shaktikanta Das said on Thursday that the committee unanimously decided to keep the repo rate at 6.5 per cent.
Das said taking into account the economic factors, the MPC has predicted GDP growth at 6.5 per cent in FY24.
As regards the inflation rate, the MPC forecast was 5.1 per cent for 2023-24 taking into account the rabi crop harvest/monsoon projections and favourable near term inflation trend.
Das also said uncertainty exists due to geopolitical situation, monsoon and others.
The MPC met on June 6th, 7th and 8th.
IANS
India, US, UAE, Israel launch I2U2 Private Enterprise Partnership
United Nations: India and its I2U2 partners have launched an initiative to mobilise private sector capital and expertise to increase their potential in key areas of development. The US on...
Historic closing high for Nifty above 20k
New Delhi: Bulls successfully regained control from bears, pushing Nifty back above the 20,000 mark. Notably, it closed above this threshold, marking a historic closing high for Nifty, says Rupak...
Crypto market saw illicit transactions of $70 bn in 5 years: Report
New Delhi: The cryptocurrency market witnessed nearly $70 billion worth of illicit transactions in the last five years, a new report said on Tuesday. According to data presented by AltIndex.com,...
India imposes anti-dumping duty on select Chinese steel for 5 years
New Delhi: The Centre has imposed an anti-dumping duty on some Chinese steel for five years. The decision was taken after it was found that Chinese exporters were exporting steel...
RBI to discontinue incremental cash reserve ratio requirement for banks, funds to be released in phases
New Delhi: The Reserve Bank of India (RBI) has decided to discontinue the requirement for scheduled banks to maintain an incremental cash reserve ratio (I-CRR) of 10 per cent on...
‘Freebies’ vs ‘welfarism’: As SC mulls over matter, RBI raises red flags
New Delhi: As Rajasthan, Madhya Pradesh, Telangana and Chhattisgarh gear up for assembly polls, it is very much the season of dishing out revdi -- not the popular winter snack,...
Moody’s raises India’s GDP forecast to 6.7% for 2023
New Delhi: Global rating agency Moody's has raised India's growth forecast to 6.7 per cent from 5.5 per cent for 2023. At the same time though, it has lowered the...
GDP numbers overstated due to price deflators: Congress
New Delhi: Congress on Friday hit back at the government after it claimed that India’s economic growth stood at 7.8 per cent in the first quarter of the current fiscal...
Indian markets underperforming US markets this year
New Delhi: An important feature of the market performance this year is India’s underperformance relative to the US, says V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services. While S&P...
Gujarat witnesses 49% surge in crorepati taxpayers
Ahmedabad: Gujarat has witnessed a significant surge of 49 per cent in the number of 'crorepati' taxpayers, individuals declaring an annual income of Rs 1 crore or more, for the...
India will become one of world’s top 3 economies in this decade: PM
New Delhi: India will become one of the world's top three economies in this decade, Prime Minister Narendra Modi said on Monday, after virtually distributing around 51,000 appointment letters to...
Expiry week could lead to some selling pressure
New Delhi: It was an eventful week at the markets which kept people glued to their seats as to which way they would move. Till Friday, they were positive for...
