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RBI Policy: In its latest Monetary Policy Committee (MPC) meeting held on February 8, the Reserve Bank of India (RBI) opted to maintain the repo rate at 6.5%, marking the sixth consecutive decision to keep the rate unchanged.
Governor Shaktikanta Das, addressing the briefing, emphasized the prevailing uncertainties in food prices, which continue to impact headline inflation. Despite this, he noted the strong momentum in domestic activities, underlining the need for monetary policy to remain actively disinflationary.
Das also highlighted insights into global economic trends, stating that global growth is expected to remain steady in 2024, albeit with variations across regions. While global trade momentum shows signs of recovery, inflation has softened considerably and is anticipated to moderate further throughout the year.
This decision follows the central bank’s last MPC meeting on December 8, where the repo rate was also held steady for the fifth consecutive time. During that meeting, Governor Shaktikanta Das revised the growth projection for the current financial year to 7%, up from the earlier estimate of 6.5%.
The MPC, entrusted with determining the RBI Policy repo rate to achieve the inflation target while promoting growth, assesses various factors, including domestic and global economic conditions.
While retail inflation has declined from its peak in July 2023, it remains relatively high, standing at 5.69% in December 2023, within the RBI Policy’s comfort zone of 4-6%.
Governor Das’s remarks align with the RBI Policy’s stance on fostering economic stability and growth. He has previously expressed optimism about India’s growth prospects, citing structural reforms undertaken by the government as contributing to medium and long-term growth.
Looking ahead, the RBI’s decision to maintain the repo rate reflects its commitment to navigating economic uncertainties while prioritizing stability and growth. As India continues its economic journey, policymakers remain focused on implementing measures to drive sustainable development and address emerging challenges.
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