In a recent announcement, the Reserve Bank has confirmed that the repo rate remains at 6.5 percent. Speaking to reporters in Mumbai, RBI Governor Shaktikanta Das noted that the global economy is experiencing a new phase of volatility, with geopolitical and economic uncertainty. The focus for the RBI now will be on withdrawing monetary policy, while the situation for banking and non-banking financial institutions appears to be stable.
Despite this, economic activity within India remains vibrant, with an expected growth rate of 7 percent for fiscal year 2023. The Fiscal Policy Committee is also prepared to make decisions as necessary, while economic growth for fiscal year 2024 is estimated at 6.4 percent, with an anticipated increase to 6.5 percent.
These were the key takeaways from the latest announcement by the Reserve Bank, as shared by RBI Governor Shaktikanta Das, pointing towards a steady outlook for the country’s economy.
New Delhi: There is no change in the repo rate. The Reserve Bank has announced that it remains at 6.5 percent.
Speaking to reporters in Mumbai, RBI Governor Shaktikanta Das said:
* The global economy faces a new phase of volatility.
* No change in repo interest rate. It remains at 6.5 percent.
* We face geopolitical and economic volatility.
* RBI should focus on withdrawing monetary policy.
* The situation of banking and non-banking financial institutions is stable and stable.
* Policy decisions taken from May 2022 continue to work through systems.
* Economic activity continues to be vibrant. In FY 2023, we expect the Indian economy to grow at 7 percent.
* The Fiscal Policy Committee will not hesitate to take any decision.
* Economic growth for FY24 was estimated at 6.4 percent. We currently expect that growth to be 6.5 percent.
This is what he said.