Rediff.com  » Business » At a glance: What RBI's latest monetary policy says

At a glance: What RBI's latest monetary policy says

Source: PTI
August 05, 2022 12:23 IST
Get Rediff News in your Inbox:

Following are the highlights of the RBI's fourth monetary policy review of fiscal year 2022-23 announced by Governor Shaktikanta Das:

 
  • Key short-term lending rate (repo) raised by 50 basis points (bps) to 5.4 per cent; third consecutive hike 
  • In all, 140 bps hike in repo since May 2022 to check inflation 
  • GDP growth projection for 2022-23 retained at 7.2 per cent (pc).
  • GDP growth projection: Q1 at 16.2 pc; Q2 at 6.2 pc; Q3 at 4.1 pc; and Q4 at 4 pc 
  • Real GDP growth for Q1:2023-24 projected at 6.7 per cent
  • Domestic economic activity exhibiting signs of broadening
  • Retail inflation projection too retained at 6.7 pc for 2022-23 
  • Inflation projection: Q2 at 7.1 pc; Q3 at 6.4 pc; and Q4 at 5.8 pc; Q1:2023-24 at 5 pc 
  • India witnessed large portfolio outflows of USD 13.3 billion in FY23 up to August 3 
  • Financial sector well capitalised and sound
  • India's foreign exchange reserves provide insurance against global spillovers 
  • Monetary Policy Committee decides to remain focused on withdrawal of accommodative stance to check inflation
  • Depreciation of rupee more on account of appreciation of US dollar rather than weakness in macroeconomic fundamentals of the Indian economy 
  • RBI to remain watchful and focused on maintaining stability of rupee 
  • Rupee depreciated by 4.7 pc against US dollar this fiscal year till August 4 
  • India's foreign exchange reserves remain fourth largest globally 
  • Mechanism to be activated to allow NRIs to use Bharat Bill Payment System for payments of utility and education on behalf of their families in India 
  • Next meeting of rate-setting panel scheduled for September 28-30, 2022.
Get Rediff News in your Inbox:
Source: PTI© Copyright 2022 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.
 

Moneywiz Live!