RBI hiked the repo rate by 25 basis points to 6.5%
On Wednesday, the Reserve Bank of India(RBI) hiked the repo rate by 25 basis points to 6.5%. Governor Shaktikanta Das announced the decision of the monetary policy committee which was passed by a majority of 4 members of 6 members. This was the first Monetary Policy Statement of the year. In December 2022, the RR was raised by 0.35 percentage points to 6.25%. There was no change in the reverse repo rate of 3.35%.
The real GDP growth for 2023-24 is projected at 6.4% with Q1 at 7.8%, Q2 at 6.2%, Q3 at 6% & Q4 at 5.8%.
“Looking ahead while inflation is expected to moderate in 2023-24, it is likely to roll above the 4% target. The outlook is clouded by continuing uncertainties from geopolitical tensions, global financial market volatility, rising non-oil commodity prices and volatile crude oil prices,” Governor Shaktikanta Das said.
