RBI: Will have to wait for cheap loan, RBI did not reduce the repo rate

By Sudhakar Yadav February 8, 2024 10:58 AM IST
RBI- India TV Paisa
Photo:FILE rbi

RBI MPC Result: A new monetary policy has been announced by Reserve Bank of India (RBI) Governor Shaktikanta Das. The Monetary Policy Committee (MPC) of the central bank has decided not to make any changes in the interest rates and has kept the repo rate at 6.5 percent. 5 out of 6 members in MPC were not in favor of changing the repo rate. This is the sixth time. When the repo rate has been kept as it is in the MPC committee meeting of RBI.

The RBI MPC meeting to review interest rates was held from February 6 to February 8. Earlier in December 2023 also, the RBI MPC had maintained the repo rate at 6.5 percent.

GDP growth forecast

RBI Governor Shaktikanta Das said that GDP growth in the current financial year is expected to be 7.3 percent. At the same time, GDP may grow at the rate of 7 percent for the financial year 2024-25. GDP growth It may be 7.2 percent in the first quarter of the next financial year, 6.8 percent in the second quarter, 7.0 percent in the third quarter and 6.9 percent in the fourth quarter.

inflation rate forecast

RBI Governor said that the inflation rate between April and December in the current financial year has been 5.5 percent. The inflation rate is estimated to be 5.4 percent during the entire current financial year. Inflation rate is likely to come down in the next financial year and it may remain at 4.5 percent. Inflation rate may be 5 percent in the first quarter of the financial year 2024-25, 4 percent in the second quarter, 4.6 percent in the third quarter and 4.7 percent in the fourth quarter.

foreign exchange reserves

Dal said that the country’s foreign exchange reserves remain at $622.5 billion. This is enough to meet all the financial needs of the country. Also said that banks and NBFCs will have to provide fact sheets of loans given to retail and MSMEs.

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