RBI Monetary Policy Meet: Policy rate remains unchanged at 6.50%

Governor of the Reserve Bank of India (RBI), Shaktikanta Das, said on Friday that the policy repo rate remains at 6.50%. He noted that the monetary policy committee (MPC) made this conclusion unanimously. The central bank updated its GDP growth projection during the most recent MPC meeting.

According to the head of the RBI, real GDP growth is expected to increase from 6.5% to 7% between 2023 and 2024. He continued by saying that the GDP is expected to expand by 6.5% in Q4 and 6.5% in Q3. The GDP is projected to expand by 6.7% in Q1 2024, 6.5% in Q2 2024, and 6.4% in Q3 2024.

The central bank forecast Q2 real GDP growth at 6.5% at the monetary policy review in October, 110 basis points less than the actual figure disclosed by the Ministry of Statistics and Programme Implementation (MOSPI).

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Furthermore, Das stated that the consumer price inflation (CPI) for 2023–2024 was set at 5.6%, with 5.6% for Q3 and 5.2% for Q4. The forecasted CPI inflation rates for Q1 2024 are 5.2%, Q2 will be 4%, and Q3 will be 4.3%. The risks are fairly distributed, and the 4% inflation target is still a long way off.

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