RBI Monetary Policy: Reserve Bank of India (RBI) has announced the first monetary policy for the financial year 2022. Amidst growing cases of coronaviruses in the country, RBI’s Monetary Policy Committee has not made any change in the repo rate in the first monetary review for the financial year 2021-22.
RBI Governor Shaktikanta Das announced on Wednesday that status quo is being kept in the monetary policy review amid uncertainty arising due to increase in coronavirus cases. This means that the repo rate will remain at 4 per cent and the reverse repo rate at 3.35 per cent.
This time there has also been no change in the rates of GDP (GDP). The RBI has retained the economic growth target for the financial year 2021-22 at 10.5 percent.
The RBI governor said that sentiment has improved due to the increasing pace of vaccination, but the recent rapid increase in Kovid-19 cases has created uncertainty on the economic scenario. The central bank stressed the need to prevent the outbreak of the virus and pay attention to economic reforms.
Shaktikanta Das said that ‘2021 is going to be the beginning of a new economic era for India. There has been hope due to the worldwide vaccination drive, but the growing cases of the Kovid-19 have tarnished it a bit. We hope that we will overcome the second or third wave of Kovid-19.
The RBI governor said that the central bank will maintain a liberal monetary policy stance to support growth, keeping inflation at the targeted spur.