RBI MPC Meeting 2024 Highlights: The Reserve Bank of India (RBI) Monetary Policy Committee (MPC) kept repo rates unchanged at 6.5% and is focused on the withdrawal of accommodation, Governor Shaktikanta Das said. It projects real GDP growth of 7 percent for FY’25 with risks evenly balanced.
RBI MPC Meeting 2024 Highlights: The Reserve Bank of India (RBI) Monetary Policy Committee (MPC) has kept repo rates unchanged at 6.5 percent. It has also decided to remain focused on the withdrawal of the accommodative stance, Governor Shaktikanta Das said. This is the sixth consecutive unchanged decision and comes after the Interim Budget was announced on February 1, 2024.
RBI Monetary policy — Key highlights
– RBI keeps the repo rate steady at 6.5% with five out of six members voting in favour of the rate decision Experts were also expecting the repo rate to remain steady at 6.5 percent
– MPC also decided by a majority (5 out of 6 members) to remain focused on the withdrawal of accommodation to ensure the inflation progressively aligns with the target while supporting growth. Monetary policy must continue to be actively disinflationary, RBI Governor Shaktikanta Das said in his statement.
– The Reserve Bank of India (RBI) has maintained its inflation projection at 5.4% for 2023–2024.
– CPI inflation is predicted to be 4.5% for the upcoming fiscal year 2024–2025, with Q1 at 5%, Q2 at 4%, Q3 at 4.6%, and Q4 at 4.7%.
The RBI MPC commenced its first meeting of the year on February 6, 2024. Chaired by RBI Governor Shaktikanta Das, the six-member MPC concluded discussions today, February 8, 2024, with Governor Das revealing the committee’s decision at 10 am. The 10 am announcement will be followed by a post-policy press conference at noon today, live-streamed on the RBI’s YouTube channel or the official X platform (formerly Twitter).
During the last MPC, for the fifth consecutive time, the RBI maintained the repo rate at 6.5 percent. The last adjustment occurred in February 2023, increasing the rate from 6.25 percent.
Reference Link:- https://www.livemint.com/economy/rbi-mpc-meeting-2024-live-monetary-policy-committee-review-shaktikanta-das-india-economy-repo-rate-interest-rate-11707331135103.html