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India's GDP will grow at 10.5% in FY22; RBI's low repo rate continues
RBI Governor Shaktikanta Das said that the committee has decided to keep the interest rates intact. After this, the repo rate is now 4 percent and the reverse repo rate is 3.35 percent.
New Delhi: The Reserve Bank of India has decided not to change the interest rates in the meeting of the Monetary Policy Committee (RBI MPC). RBI Governor Shaktikanta Das said that the committee has decided to keep the interest rates intact. After this, the repo rate is now 4 percent and the reverse repo rate is 3.35 percent. RBI has also softened its stance on monetary policy. Economists also expected the same. There is also a press conference of the RBI Governor at 12 noon today.
RBI took a decision after Pandemic:
Das said that the signs of recovery in the economy have become stronger. Most sectors reached in a crisis situation due to the Pandemic are now moving rapidly towards normal levels. The number of such sectors has increased. Estimates of economic growth have increased after the vaccine rollout.
It is necessary to support economic development
The RBI has revised the retail inflation estimate in the first half of FY 2022 to 5-5.2 per cent. Earlier this estimate was at 4.6-5.2 percent. The RBI governor said, 'Inflation has come down to the tolerance level of 6 percent. Estimates of economic development have been better than before. MPC believes that it is necessary to support growth in present times.
Economic growth forecasted to be 10.5 percent in 2022
The economic growth rate for FY 2022 has been estimated at 10.5 percent. The retail inflation rate for the fourth quarter of the current financial year has been revised from 5.8 per cent to 5.2 per cent. Das said, "In the second quarter, the entire capacity utilization of the manufacturing sector has improved by 63.3 percent. FDI and foreign institutional investment have also increased in recent months.