Last updated on June 21st, 2023 at 12:51 pm
Estimated reading time: 2 minutes
Highlights : MPC 2023
- CPI inflation forecast for 2023-24 lowered to 5.2% from 5.3% previously estimated.
- April-June 2023 CPI inflation forecast increased to 5.1% from 5.0%.
- July-September 2023 CPI inflation forecast remains at 5.4%.
- October-December 2023 CPI inflation forecast retained at 5.4%.
- GDP growth forecast for 2023-24 raised to 6.5% from 6.4%.
- October-December 2023 GDP growth forecast increased to 6.1% from 6.0%.
The Governor of RBI, Shaktikanta Das, announced the revised CPI inflation forecast for 2023-24, which has been lowered to 5.2% from the previous estimate of 5.3%. The April-June 2023 forecast has been increased to 5.1% from 5.0%, while the July-September 2023 forecast remains at 5.4%. The October-December 2023 forecast is also retained at 5.4%, and the January-March 2024 forecast has been lowered to 5.2% from 5.6%.
In terms of GDP growth forecast, the April-June 2023 forecast remains at 7.8%, and the July-September 2023 forecast is retained at 6.2%. The October-December 2023 forecast has been raised to 6.1% from the previous estimate of 6.0%, and the January-March 2024 forecast has been changed to 5.9% from 5.8%. Moreover, the GDP growth forecast for 2023-24 has been raised to 6.5% from 6.4% previously estimated.
The Reserve Bank of India’s Monetary Policy Committee (MPC) has decided to maintain the repo rate at 6.5% during its bi-monthly meeting, as per the latest updates. This move is in line with market expectations, as the RBI aims to balance growth and inflation concerns.
However, the MPC stated that it will not hesitate to take further action as required in future meetings. The decision to pause the repo rate is only for this meeting, and it is necessary to evaluate the cumulative impact of previous rate hikes.
The unanimous decision by the MPC to maintain the repo rate unchanged at 6.5% comes at a time when the global economy is facing a renewed phase of turbulence. Inflation has been a major concern, with core inflation, excluding volatile food and energy components, expected to remain high between 6.05% and 6.12% in February, as estimated by three economists.
Unseasonal rains could keep food prices elevated, and a surprise move by OPEC and its allies to cut output has increased oil prices, which may add to imported inflation.
Latest Stories
Director Shankar's daughter, Aishwarya Shankar, tied the knot with Tarun Karthikeyan in Chennai on April 15. The wedding was graced by celebrities such as Vikram, Suriya, Nayanthara, Chiranjeevi, Ram Charan, Ranveer Singh, and…
Click here to Read more
Nitin Gadkari, Union Minister, has called upon the citizens of Nagpur as India commences the first phase of Lok Sabha Elections 2024, the world's largest democracy. "Voting is taking place today in the…
Click here to Read more
Vivo has expanded its smartphone lineup in India with the launch of the Vivo T3x V2338, offering consumers a range of features at competitive price points. The Vivo T3x V2338 comes in two…
Click here to Read more.jpg "Promoting Liver Health: Observing World Liver Day 4")
World Liver Day, observed annually on April 19th, serves as a global platform to raise awareness about the importance of liver health and the prevention of liver diseases. The liver plays a vital…
Click here to Read more
Arunachal Pradesh Chief Minister Pema Khandu has issued a fervent appeal to the electorate as the state gears up for the eighth State Legislative Assembly and 18th Lok Sabha elections. "As Arunachal Pradesh…
Click here to Read more
JP Nadda, President of the Bharatiya Janata Party (BJP), has appealed to citizens across the nation as the first phase of the Lok Sabha Election 2024 commences, covering 102 constituencies. Addressing the electorate,…
Click here to Read more
Amit Shah, India's Home Minister, has delivered a compelling message to voters as the nation embarks on the first phase of elections. In his address, Shah emphasized the significance of this electoral process,…
Click here to Read more
In a move that has drawn criticism from both within and outside the company, Google recently made headlines for firing 28 employees who participated in a pro-Palestine protest. The demonstration, which took place…
Click here to Read more
Aries (March 21 - April 19) As the first sign of the zodiac, Aries embodies leadership and vitality. On April 19th, 2024, Arians may feel a surge of energy and motivation. It's a…
Click here to Read more
As the Lok Sabha Election commences, CM Yogi Adityanath extends a heartfelt appeal to all eligible voters. Describing it as the "great festival of democracy," CM Yogi emphasizes the pivotal role of voters…
Click here to Read more.jpg "Lok Sabha Election: PM Modi Urges Massive Voter Turnout as 2024 Elections Begin 11")
Prime Minister Narendra Modi has issued a rallying call to citizens as the 2024 Lok Sabha elections commence today. With 102 parliamentary seats spread across 21 States and Union Territories going to the…
Click here to Read more
As India braces for a diverse range of weather phenomena, it's crucial to stay updated on the latest forecast and warnings issued by meteorological authorities. Here's a breakdown of the current weather systems…
Click here to Read more
Lok Sabha Elections 2024: As India prepares for the 18th Lok Sabha and Legislative Assembly elections across four states, the Election Commission of India (ECI) is primed to oversee the biggest festival of…
Click here to Read more
Mathura Road: Commuters in Delhi are urged to exercise caution and plan their routes accordingly as a car breakdown on Mathura Road near Sarita Vihar Metro station is likely to cause traffic disruptions.…
Click here to Read more.jpg "PepsiCo Commissions Gorakhpur Plant Less Than a Year After CM Yogi Lays Foundation 15")
In a significant development, PepsiCo has swiftly brought its Gorakhpur plant to fruition, less than a year after Chief Minister Yogi Adityanath laid its foundation. This monumental accomplishment marks the largest investment by…
Click here to Read more
Ever since the firing incident outside Salman Khan’s house, concerns have been high among his fans, family, and industry friends. Following the incident, his siblings visited his Bandra home, and recently, his close…
Click here to Read more.jpg "Lok Sabha Elections 2024: Congress Announces Candidates for Odisha 17")
The All India Congress Committee (AICC) has unveiled the list of candidates set to contest in the Lok Sabha elections 2024 from Odisha, gearing up for the upcoming fourth phase of polling slated…
Click here to Read more
Today marks the 32nd birthday of Indian cricketer and Lucknow Super Giants' captain KL Rahul. Actor Suniel Shetty extended his wishes to his son-in-law. He shared a picture on Instagram featuring himself, his…
Click here to Read moreArunachal Pradesh Chief Minister Pema Khandu commemorated World Heritage Day by celebrating the state's rich cultural legacy, emphasizing the importance of preserving and cherishing its heritage sites. In a statement, Chief Minister Khandu…
Click here to Read more
Arjun Kapoor celebrated the 10th anniversary of his film "2 States" by sharing a video on Instagram. With the caption "Countless Emotions," Arjun's emotional tone in the video suggests deep sentiments. Co-starring Alia…
Click here to Read more
Expressing grave concern over the recent onslaught of heavy rains in Gulf countries, Chief Minister of Kerala, Pinarayi Vijayan, has called for urgent assistance to those affected. With a year's worth of rain…
Click here to Read more
Raj Kundra: In a significant development, the Enforcement Directorate (ED), Mumbai Zonal Office, has taken action by provisionally attaching immovable and movable properties worth Rs. 97.79 Crore belonging to Ripu Sudan Kundra, popularly…
Click here to Read more
Sana Sayyad, known for her consistent work in TV shows, has always kept busy with her acting projects. Despite her packed schedule, she has managed to entertain viewers with her talent without taking…
Click here to Read more
On April 18, 2024, at 13:13:37 IST, the tranquil region of Xizang experienced a seismic event measuring 4.3 on the Richter scale, as per the National Center for Seismology. Situated at a depth…
Click here to Read more
Arti Singh's Pre-Wedding Rituals: Arti Singh, the popular star of Bollywood actor Govinda's family and comedian Krushna Abhishek's sister, has earned fame in the TV industry. Having appeared in several TV shows, including…
Click here to Read more.jpg "Lok Sabha Election: Enthusiasm and Confidence Evident at Amit Shah's Kalol Roadshow 26")
Lok Sabha Election: In the heart of Gujarat's political landscape, Gandhinagar resonates with fervor as Lok Sabha Election activities intensify. Amidst the bustling streets, a palpable sense of enthusiasm and confidence permeates the…
Click here to Read more
Showstopper Look: Kriti Sanon graced the ramp as the showstopper for designer Manish Malhotra's heritage fashion show in Kashi. She, along with Ranveer Singh, closed the show on the Banaras ghats, adorned in…
Click here to Read more.jpg "Lok Sabha Election: BJP President JP Nadda Rallies Support in Kokrajhar, Assam 28")
BJP National President JP Nadda stirred enthusiasm among supporters during a public rally in Kokrajhar, Assam, ahead of the forthcoming Lok Sabha election. Addressing a diverse audience, Nadda expressed gratitude for the overwhelming…
Click here to Read more
Bollywood actor Anupam Kher recently shared a heartwarming video where he distributed sweaters, lovingly made by his mother Dulari, to children. In the video, he urged the children to thank Mother Dulari for…
Click here to Read more
Lok Sabha Election: The Bharatiya Janata Party (BJP) has made a decisive move in Maharashtra's political arena by nominating Narayan Rane as its candidate for the Sindhudurg-Ratnagiri constituency in the upcoming Lok Sabha…
Click here to Read more
Following the success of "HanuMan," Teja Sajja joins forces with director Karthik Gattamneni for a new pan-India film titled "Mirai" [3D]. The title glimpse has been unveiled, generating excitement among fans. Starring Teja…
Click here to Read more
Madhya Pradesh Deputy Chief Minister Rajendra Shukla commemorated the death anniversary of the esteemed revolutionary Damodar Hari Chapekar, acknowledging his pivotal role in the Indian independence movement. Damodar Hari Chapekar, alongside his brothers…
Click here to Read more
The highly anticipated trailer for "Gabru Gang," a thrilling sports drama, has been unveiled by the team. Scheduled for release on April 26, 2024, the film promises to captivate audiences with its gripping…
Click here to Read more
Telangana: A missionary school in Telangana's Mancherial district, Blessed Mother Teresa High School in Kannepalli village, became the center of controversy after a mob vandalized the premises and manhandled staff members. The incident…
Click here to Read more
ISRO Chairman S Somanath has declared India's commitment to ongoing lunar missions until an Indian astronaut achieves a historic landing on the Moon's surface. Speaking at an event in Ahmedabad hosted by the…
Click here to Read more
Amidst her busy schedule filming "Singham Again," actress Deepika Padukone took a moment to share a glimpse of her creative side with fans. Posting a picture on Instagram, she showcased a piece of…
Click here to Read more
Living in metropolitan cities offers numerous job opportunities and a perceived better quality of life, but it also comes with a significant financial burden. A recent post by Pritesh Kakani, an alumnus of…
Click here to Read more
The National Testing Agency (NTA) has issued a crucial update for candidates appearing for the BHU Varanasi Nursing Officer recruitment exam 2024. In a tweet, NTA stated, "Attention Nursing Officer candidates! Provisional Answer…
Click here to Read more
Aditi Rao Hydari, who is set to star in Sanjay Leela Bhansali's upcoming film "Heeramnadi: The Diamond Bazaar," celebrated her fiancé Siddharth's birthday with a touching Instagram tribute. She shared unseen monochrome photos…
Click here to Read more
Nestle, a global food and beverage giant, faces scrutiny after a report by "Public Eye" and IBFAN revealed discrepancies in the sugar content of its infant milk products across different regions. While Nestle's…
Click here to Read more
Bellamkonda Sai Sreenivas, currently engaged in his 10th film, has recently secured another thrilling project. The announcement of this new film coincided with the auspicious occasion of Sri Rama Navami. Produced by Sahu…
Click here to Read more
Jiya Shankar Celebrates Birthday: Jiya Shankar, known for her stint in ''Bigg Boss OTT 2'', faced tough times with her mother's illness. However, last week brought relief as she updated fans on her…
Click here to Read more
