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The Reserve Bank of India’s (RBI’s) monetary policy committee (MPC) headed by Governor Shaktikanta Das on Friday announced to keep policy rate unchanged at 6.5 per cent. This was fourth time in a row that the central opted for a pause in rate hike. Das, during his address, said that the MPC unanimously voted to leave the repo rate unchanged at 6.5 per cent.
Das said while keeping the repo rate unchanged, the MPC voted to remain focused on withdrawal of accommodation by 5 votes to 1.
Standing Deposit Facility and Marginal Standing Facility rates also left unchanged at 6.25 per cent and 6.75 per cent, respectively.
Das said, “Taking all factors into consideration, Real GDP Growth for the current financial year 2023-23 is projected at 6.5 per cent…The risks are evenly balanced. Real GDP Growth for the first quarter of next financial year 2024-25 is projected at 6.6 per cent.” The GDP growth forecast for October-December 2023 left unchanged at 6.0 per cent, for January-March 2024 left unchanged at 5.7 per cent.
The CPI inflation forecast for April-June 2024 also left unchanged at 6.6 per cent, the governor said during his speech.
Experts earlier said that the RBI is expected to retain the benchmark rate of 6.5 per cent in its latest bi-monthly monetary policy review, amid inflation concerns and other global factors.
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