The Reserve Bank of India (RBI) has reduced the growth forecast in the monetary policy review meeting. Now it has come down from 7.8 percent to 7.2 percent. Also, the prime interest rates have not been tweaked. After the meeting, Governor Shaktikanta Das said on Friday that the war between Russia and Ukraine can make the whole world a victim of the recession. In the press conference after the first monetary policy review of the financial year 2022-23, he said that we have to focus on controlling inflation. We have to be very cautious at this point but we also have to be ready to respond to the danger that comes with speed. The Monetary Policy Committee of the Reserve Bank of India has also voted unanimously to maintain a lenient stance, he added.
No change in key interest rates
He said that keeping in view the current situation, all the major interest rates are not being changed. Repo rate, reverse repo rate and CRR will remain at the old level. He said that the repo rate has been kept unchanged at 4 percent and the reverse repo rate at 3.35%. Meanwhile, the stock market is also maintaining an edge.
war increased inflation
He said in the press conference that now two years later, when we were exiting the epidemic situation, the global economy is witnessing strange changes with the fight between Russia and Ukraine from 24 February. It looks like the knock of a recession. Das said the two-month-long battle has stalled growth and pushed up inflation. Ahead of the Reserve Bank of India's (RBI) monetary review, most analysts were expecting the status quo on interest rates to support the RBI hike. Will maintain
inflation forecast
Das said the inflation rate is now estimated at 5.7 percent. Along with this, the MSF and bank rates have not been increased. However, the growth forecast is down. Das said the RBI has revised the GDP forecast for FY23 to 7.2% from the earlier estimate of 7.8%.
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