RBI presented monetary policy
Reserve Bank of India Governor Shaktikanta Das has presented the first monetary policy for the year 2024. In this monetary policy, which came immediately after the presentation of the interim budget of the government, the repo rate has been kept at 6.5 percent as before. The Monetary Policy Committee (MPC) of the Reserve Bank of India has kept the policy interest rates unchanged for the sixth consecutive time. Due to this, home loan or car loan will no longer be affordable for the common man and it is expected to remain the same as before.
RBI had reduced the repo rate to 6.5 percent in the monetary policy of February last year. This has been retained now. Keeping in mind its main objective of controlling inflation, the Reserve Bank of India (RBI) has introduced its bi-monthly monetary policy. This is the last monetary policy of the Reserve Bank in the current financial year 2023-24. After this, the next monetary policy will come in April, which will be the first monetary policy of the new financial year.
It is most important to control inflation
Presenting the monetary policy, RBI Governor Shaktikanta Das said, “Amidst global uncertainty, the country's economy is showing strength, on one hand economic growth is increasing, on the other hand inflation has come down. The Monetary Policy Committee has maintained its stance of withdrawing the accommodative stance in interest rates to keep inflation under control and accelerate economic growth. The country's economic growth is accelerating and is surpassing the estimates of most analysts.
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Food inflation still uncertain
RBI Governor Shaktikanta Das said that food inflation in the country is still affecting the inflation rate of the country. There remains uncertainty in the prices of food items. However, the MPC is committed to keeping the inflation rate in the country at the target of 4 percent. RBI estimates that retail inflation may be 5.4 percent in the current financial year. Whereas in 2024-25 it may remain 4.5 percent.
Growth is expected to be tremendous
Shaktikanta Das said that the pace of economic activities is expected to continue in 2024-25 also. According to the interim budget, the government is now working on the target of reducing its fiscal deficit. The Reserve Bank of India estimates that the economic growth rate in the next financial year 2024-25 will be 7 percent. Whereas global growth is expected to remain stable in 2024.
Source: www.tv9hindi.com
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