The Reserve Bank of India (RBI) announced the review of its Monetary Policy Committee (MPC). There has been no change in the repo rate. It has been retained at 4 percent. Along with this, other key interest rates have also not changed. RBI Governor Shaktikanta Das said that the repo rate will remain at 4% with no change. The MSF rate and Bank rate will remain unchanged at 4.25%. The reverse repo rate will also remain unchanged at 3.35%.
Shaktikanta Das said, "Whatever allocations have been made in the budget, they will help in accelerating the growth rate. There is a need to keep a close watch on crude oil prices." Das said, "Inflation rate in the country is under control. But, this factor can further hamper our growth." He said that the government's focus on capital expenditure will increase demand. Demand is increasing continuously. This is a good sign for the domestic economy. However, global factors are bound to add to the trouble.
The Reserve Bank Governor said that India is on a different path of recovery from the corona situation compared to the rest of the world. According to IMF estimates, India is poised to grow at the fastest year-on-year pace among major economies. This has been made possible by large-scale vaccination and continued financial and monetary support.
The Reserve Bank Governor said that our focus is on securing the economic and financial conditions of the weaker sections. He said the pandemic has taken the world economy hostage. Economic activity is being affected around the world. Right now there is also an emphasis on vaccination and booster doses.
Shaktikanta Das said the rise in inflation in December was due to the rise in Omicron. Buffer stocks of cereals augurs well for food inflation. Das said that the real GDP growth for 2022-23 is estimated to be 7.8%. It could be 17.2% in Q1, 7.0% in Q2, 4.3% in Q3, and 4.5% in Q4. He said the CPI inflation for 2022-23 is projected to be 4.5%.
ANAROCK Group Chairman Anuj Puri said that the Union Budget 2022-23 is progressive and it is like a broad-spectrum booster shot to the economy. Particular emphasis has been laid on building the country's infrastructure. The Finance Minister clearly emphasized the top priorities of the Government- Sustainable Growth, Inclusive Growth, Productivity Enhancement, and PM Gati Shakti for funding investments.
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