Exciting News Alert: RBI's Latest Monetary Policy Update!
Summary:
The Reserve Bank of India (RBI) Governor Shaktikanta Das announced
the first monetary policy of the financial year 2024-25 on Friday. The RBI
chose to keep the main policy repo rate the same at 6.5 percent for the seventh
time in a row.
As expected, the Reserve Bank of India (RBI) Governor Shaktikanta
Das confirmed on Friday, April 5, that the main policy repo rate would stay at
6.5 percent. This decision was part of the RBI's first monetary policy for the
financial year 2024-25. It marks the seventh time in a row that the repo rate
has remained unchanged, with the policy stance remaining at 'withdrawal of
accommodation'. Most analysts and economists predicted this move, considering
India's strong economic growth and persistent inflation concerns, particularly
regarding food prices. The RBI's focus remains on bringing inflation below 4
percent.
Here are the main points from the RBI Monetary Policy Committee
(MPC) outcome:
Unchanged rates and
stance: The RBI's Monetary Policy Committee (MPC)
voted 5:1 to maintain key rates at 6.5 percent. Additionally, the policy stance
remains at 'withdrawal of accommodation', as stated by RBI Governor Shaktikanta
Das.
Growth Outlook: The RBI has forecasted India's real GDP growth for FY25 to be 7
percent. It adjusted the Q1FY25 GDP growth target to 7.1 percent from the
previously projected 7.2 percent, while raising the Q2FY25 GDP growth target to
6.9 percent from 6.8 percent. The Q3FY25 GDP growth target remains steady at 7
percent, with the Q4FY25 GDP growth target being raised to 7 percent from the
earlier 6.9 percent.
CPI inflation forecast: Consumer Price Index-based inflation, or retail inflation, for
FY25, is projected at 4.5 per cent, with Q1 at 4.9 per cent, Q2 at 3.8 per
cent, Q3 at 4.6 per cent and Q4 at 4.5 per cent.
RR Finance Web Link – https://www.rrfinance.com
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