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The Monetary Policy Committee (MPC) of the Reserve Bank of India on August 10 decided unanimously to keep the policy repo rate unchanged at 6.50%.
| Photo Credit: The Hindu
The Monetary Policy Committee (MPC) of the Reserve Bank of India on August 10 decided unanimously to keep the policy repo rate unchanged at 6.50%.
Speaking during the meeting, RBI Governor Shaktikanta Das said the external sector remains imminently manageable, and India is poised to become the new growth engine of the world.
The Governor said the real GDP growth for 2023-24 is projected at 6.5%. The latest CPI inflation projection for 2023-24 is at 5.4%, the same as projected previously
Mr. Das said inflation is likely to ease in September, and the MPC would remain watchful of inflation and remain resolute in aligning inflation to the targeted level. Near-term inflation to soften on lowering of vegetable price and reduction in cooking gas cylinder rate, he added.
Domestic economy exhibits resilience on the back of strong demand, the Governor added.
Private sector capex is gaining ground as suggested by production of capital goods, he said.
The transmission of 250 basis point repo rate cut is still incomplete, the RBI Governor said.
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