RBI retains repo rate at 6.5%, GDP projected at 6.5%

The Monetary Policy Committee unanimously decided to keep the repo rate at 6.5%

August 10, 2023

RBI keeps repo rate unchanged at 6.5%; FY24 CPI inflation forecast raised to 5.4%

The Reserve Bank of India‘s Monetary Policy Committee (MPC) did not change the repo rate from 6.50 percent, as predicted by economists.

The MPC met on August 8th, 9th and 10th.

Announcing the decision of the MPC after its three-day deliberations, RBI Governor Shaktikanta Das said on Thursday that the committee unanimously decided to keep the repo rate at 6.5 percent.

Das said taking into account the economic factors, the MPC has predicted GDP growth at 6.5 percent in FY24. Das also said uncertainty exists due to geopolitical situation, monsoon, and others.

As regards the inflation rate, the MPC forecast was 5.4 percent for 2023-24 taking into account the various domestic and global factors.

[With Inputs from IANS]

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