RBI Monetary Policy updates | Policy repo rate unchanged at 6.5%; real GDP growth for FY25 projected at 7%
Governor Shaktikanta Das announced that the RBI‘s Monetary Policy Committee has decided to keep the policy repo rates steady at 6.5%. The RBI also affirmed its GDP growth projections for the 2024-25 fiscal year, forecasting 7% growth for the year overall, with specific estimates of 7% for the June quarter, 6.9% for the September quarter, and 7% for both the third and fourth quarters. These projections are slightly lower than the 7.6% expansion forecasted for the previous fiscal year. In February, the Consumer Price Index-based inflation rate was recorded at 5.1%. The two-day MPC review meeting that began on April 3 concluded today, maintaining the RBI’s stance unchanged since the last review in February 2024. This marks the sixth consecutive MPC meeting where the central bank has opted to keep the repo rate unchanged.
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Highlights of RBI’s first bi-monthly policy statement for FY’25
- Benchmark interest rate or repo rate kept unchanged at 6.5%
- GDP growth for 2024-25 retained at 7%, lower than 7.6% last fiscal
- Retail inflation to average 4.5% this fiscal, lower than 5.4% in FY25
- Net inflows by foreign porfolio investors (FPI) stood at $41.6 billion during 2023-24, the second highest level of FPI inflow after 2014-15
- Current Account Deficit in 2024-25 to remain at a level that is both viable and eminently manageable
- The Indian rupee remained largely range-bound as compared to its emerging market peers as well as a few advanced economies during 2023-24. INR most stable among major currencies in FY24
- Next monetary policy committee (MPC) meeting scheduled during June 5 to 7, 2024.
–Â PTI
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Neeraj Tiwari