Breaking News
Get 40% Off 0
👀 Reveal Warren Buffett's stock picks that are beating the S&P 500 by +174.3% Get 40% Off

RBI holds repo rate at 6.5%, raises India's GDP forecast to 7%

Published Dec 08, 2023 03:32PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
 
NSEI
+0.18%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

MUMBAI - The Reserve Bank of India (RBI) has maintained its repo rate at 6.5% for the fifth consecutive time today, signaling a steady approach to monetary policy amid persistent inflation concerns. The decision, taken by the RBI's Monetary Policy Committee (MPC), comes alongside an upward revision of India's GDP growth forecast to 7%, marking a positive outlook based on strong recent economic data.

This optimistic projection for the fiscal year 2024 surpasses earlier estimates by international agencies and reflects robust growth figures from the July-September period, as well as promising quarterly growth rates that could reach up to 6.7%.

Governor Shaktikanta Das has made it clear that there will be no near-term easing of monetary policy, given that retail inflation remains above target levels. The governor stressed that containing inflation is a priority and indicated that the RBI is not shifting towards a neutral stance at this time. No forward-looking statements were provided regarding potential changes to policy rates due to uncertainties in the global economic environment.

Deputy Governor Michael Patra pointed to exceeding GDP forecasts and strong recent data trends as justification for the upgraded growth estimate. Positive indicators include increased two-wheeler sales in rural markets during festive periods, sustained demand for fast-moving consumer goods (FMCG) since April, and a notable decline in applications for the Mahatma Gandhi National Rural Employment Guarantee Scheme (MNREGS) in November.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

RBI holds repo rate at 6.5%, raises India's GDP forecast to 7%
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
Goodluck Badluck
Goodluck Badluck Dec 11, 2023 10:41PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
how it could be possible that daily up daily and daily up..seems like before election it may reach 25000 easily
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email