The RBI’s Monetary Policy Committee (MPC) voted 4-2 on Thursday to maintain the repo rate at 6.5 percent for the ninth consecutive policy review. RBI MPC maintained “withdrawal of accommodation.”
In the Monetary Policy statement, RBI Governor Shaktikanta Das mentioned that headline inflation, which had previously remained stable at 4.8 percent, increased to 5.1 percent in June… The anticipated decline in inflation during the second quarter of the current fiscal year, resulting from base effects, is expected to be reversed in the third quarter. Ensuring pricing stability ultimately results in long-term economic prosperity.
The projected rate of growth for the present fiscal year remains unaltered at 7.2 percent. Nevertheless, the initial estimate of 7.3 percent for the first quarter’s outlook has been adjusted downward to 7.1 percent. In the last meeting, the rate-setting panel adjusted the growth outlook from 7 percent to 7.2 percent. The predicted growth for the first quarter of the upcoming fiscal year is 7.2 percent.
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The domestic rate-setting panel has forecasted that inflation will remain at 4.5 percent for the current financial year, which is consistent with their earlier projection.
The inflation forecast for Q2 has been raised to 4.4 percent, for Q3 to 4.7 percent, and for Q4 to 4.3 percent. These figures are higher than the earlier projections of 3.8 percent for Q2, 4.6 percent for Q3, and 4.5 percent for Q4. The expected inflation rate for the first quarter of the upcoming fiscal year is 4.4 percent.
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