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India to remain fastest-growing major economy: RBI

Source: PTI
December 07, 2022 13:19 IST
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Following are the highlights of RBI's monetary policy statement:

Economy

Illustration: Dominic Xavier/Rediff.com
  • Hikes benchmark lending rate by 35 basis points to 6.25 per cent
  • Cuts growth projection for this fiscal to 6.8 per cent from 7 per cent estimated in September
  • Inflation to come down below 6 per cent in March quarter, to average 6.7 per cent this fiscal
 
  • Economy resilient; India to remain fastest-growing major economy
  • Biggest risks to outlook from protracted geopolitical tensions are global slowdown and tightening of global financial conditions
  • Battle against inflation yet not over as risks remain, RBI to keep 'Arjuna's eye' (keen focus) on evolving inflation dynamics
  • Must deal with the current global hurricane with confidence and endurance
  • Rupee should be allowed to find its level and that is what we have been striving to ensure
  • Rupee movement remained least disruptive as compared to peers amid strengthening US dollar
  • Current account deficit imminently manageable; forex reserve comfortable at $551.2 bn
  • Liquidity in the banking system remains in surplus
  • Rabi sowing so far is 6.8 per cent higher than the normal sown area
  • Non-food credit rose to Rs 10.6 lakh crore during April-November from Rs 1.9 lakh crore a year ago
  • UPI to soon allow customers to block funds in his/her
    account for specific purposes.
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