RBI Hikes Repo Rate by 25 Basis Points to 6.5%

The real GDP growth for 2023-24 is projected at 6.4% with Q1 at 7.8%, Q2 at 6.2%, Q3 at 6% & Q4 at 5.8%.
RBI Hikes Repo Rate by 25 Basis Points to 6.5%
RBI Hikes Repo Rate by 25 Basis Points to 6.5%
Updated on

The Reserve Bank of India (RBI) on Wednesday hiked the repo rate by 25 basis points to 6.5%, Governor Shaktikanta Das announced the decision of the monetary policy committee which was passed by a majority of 4 members of 6 members.

This was the first Monetary Policy Statement of the year. In December 2022, the repo rate was raised by 0.35 percentage points to 6.25%. There was no change in the reverse repo rate of 3.35%.

The real GDP growth for 2023-24 is projected at 6.4% with Q1 at 7.8%, Q2 at 6.2%, Q3 at 6% & Q4 at 5.8%.

The standing deposit facility rate will stand revised to 6.25% and the marginal standing facility rate and the bank rate to 6.75%. The MPC also decided by a majority of 4 out of 6 to remain focussed on the withdrawal of accommodation to ensure that inflation remains within target going forward while supporting growth.

The global economic outlook is not as grim as it was a few months ago, Das said. Inflation still remains well above the target in major economies. The situation remains fluid and uncertain, Das said.

Indian economy remains resilient, RBI Governor Shaktikanta Das said adding that the real GDP growth is estimated at 7% in 2023-23.

"Looking ahead while inflation is expected to moderate in 2023-24, it is likely to roll above the 4% target. The outlook is clouded by continuing uncertainties from geopolitical tensions, global financial market volatility, rising non-oil commodity prices and volatile crude oil prices," Das said.

RBI Hikes Repo Rate by 25 Basis Points to 6.5%
Assam MLA Accused of Kidnap & Physical Assault, FIR Lodged by Victim Girl

Related Stories

No stories found.

No stories found.
X
assambusinessnews>>assambusinessnews/rbi-repo-rate-shaktikanta-das-monetary-policy-committee
logo
Pratidin Time
www.pratidintime.com