MUMBAI: In a delicate balancing act, the Reserve Bank of India (RBI) on Friday announced it would keep the policy repo rate steady at 6.5 per cent for the 11th consecutive meeting, signalling caution amid a challenging economic environment. However, the central bank slashed its GDP growth forecast for the current fiscal year to 6.6 per cent, a sharp decline from its earlier projection of 7.2 per cent.
Announcing the decisions after the fifth bi-monthly Monetary Policy Committee (MPC) meeting of the year, RBI Governor Shaktikanta Das described the situation as one demanding "prudence and practicality." "At this juncture, prudence and practicality demand that we remain careful. A status quo is both appropriate and essential," Das remarked, underscoring the central bank's focus on stability amid slowing growth and rising inflation.
India's economic growth has hit turbulence. The July-September quarter GDP expanded at a sluggish 5.4 per cent, its weakest pace in seven quarters, missing the central bank's projection of 7 per cent. Das, however, suggested that the slowdown may have bottomed out and noted a subsequent pick-up in economic activity driven by festive season spending and a robust agricultural harvest.
This story is from the December 07, 2024 edition of Millennium Post Delhi.
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This story is from the December 07, 2024 edition of Millennium Post Delhi.
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