Mr. Shaktikanta Das, the Governor for RBI convened a 6 member Monetary Policy Committee (MPC) today; he announced the policy resolution. He projected the absolute real GDP growth at 7.8% for the fiscal year 2022-2023.
The MPC held the parameters on the benchmark repo rate or the interest rate at 4%. This rate remains unchanged for the 10th consecutive time. The last time that this repo rate was changed by the Central Bank was in the month of May 2020 on the 22nd to be precise, in an attempt to brighten up the demand by slashing the interest rate to an all-time low. India is navigating through a different course of recuperation financially from the rest of the world. The projection of India’s growth by the International Monetary Fund is on a fast pace fiscal year after year among major economies.
This recuperation has come from large-scale vaccination and sustained monetary & fiscal support, announced Mr. Shaktikanta Das at the MPC meet.