Reserve Bank of its monetary policy review has been presented. RBI has not made any change in the repo rate this time also. Key interest rates remain unchanged at 4 per cent. The reverse repo rate has also been kept unchanged at 3.35 percent. RBI Governor Shaktikanta Das said that the marginal standing facility rate and bank rate have been kept at 4.25 percent. Das said that the monetary policy committee of the central bank has kept its stand ‘accommodative’ or liberal this time also.
With this, this has happened for six consecutive sessions, when the RBI has not made any change in the key interest rates. Before this, the last change happened on 22 May 2022 with the rate cut. After this, due to the coronavirus lockdown, the economy was affected such that the RBI first stopped changing the rates, while it also had to announce several revival plans.
This time the Reserve Bank has not made any change in its estimate of GDP growth. The bank has retained its GDP growth forecast for the financial year 2021-22 at 9.5 percent. At the same time, CPI inflation i.e. consumer price index or retail inflation has also increased. RBI has kept CPI inflation at 5.7 percent for the financial year 2021-22. Earlier, CPI inflation was estimated at 5.1%.
What did the governor say on other aspects of the economy?
The RBI governor said that the economy is coming out of the shock caused by the second wave of the Kovid-19 epidemic and economic activities will also increase with the pace of vaccination. He expressed hope that the economic package launched by the government will give a good start to the long lasting reforms. He also said that consumption, investment and external demand have picked up once again.
He also expressed happiness about the quarterly results of many private companies. He said that seeing the good results of the companies, it is understood that they have maintained a healthy growth.