look news india
RBI MPC Meet 2024: Caught between October inflation data and second quarter GDP, the Reserve Bank of India’s monetary policy is the first to declare a continuation of the war on inflation. Announcing the policy rate decision, RBI Governor Shaktikanta Das said that the repo rate will be kept stable. This means that RBI has not made any change in the interest rate for the 11th consecutive time. The last change in interest rate took place in February 2023. Whereas the interest rate was increased by 0.25 percent. Since then, there has been no change in the interest rate from the Reserve Bank.
Repo rate was kept stable
The special thing is that this meeting is the last meeting of the tenure of RBI Governor Shaktikanta Das. After which the new governor can be considered in the meeting to be held in February. At present the repo rate of RBI is 6.5 percent. From May 2022 to February 2023, the MPC of the Reserve Bank increased the repo rate by a total of 2.50 percent to control inflation. This time the general public had high hopes that they would get relief from the interest rate cut by MPC. But inflation figures have once again tied the hands of RBI.
inflation forecast
In the month of October, the inflation rate in the country was more than 6 percent. Whereas RBI in October MPC had estimated the inflation rate to be 4.8 percent in the third quarter. Which was 4.7 percent more than that. The inflation estimate for the fourth quarter was reduced by 1 basis point to 4.2 percent. The inflation rate estimate for the first quarter of the next financial year was reduced by one basis point to 4.3 percent. Whereas there has been no change in the estimate of inflation rate of 4.5 percent in the current financial year.