Repo rate unchanged: Key Points from RBI Monetary Policy Meeting
Admin
India's forex reserves stood at $595.1 billion on June 2, indicating a healthy position.
Previous Rate Hike: RBI had increased rates by 2.50% from May 2022 to February 2023.
GDP Growth Forecast: The real GDP growth for FY24 is projected to be 6.8%. It may vary across quarters, with Q1 at 8%, Q2 at 6.5%, Q3 at 6%, and Q4 at 5.7%.
The MPC believes that the previous rate hikes are transmitting through the economy and will help contain inflationary pressures in the future.
Repo Rate Unchanged: The Reserve Bank of India (RBI) announced on Thursday that it will not change the repo rate, keeping it at 6.50%.