RBI Monetary Policy 2024
RBI Monetary Policy 2024: The central bank kept the repo rate stable at 6.50 percent for the sixth consecutive time in its February monetary policy. Today, many big decisions have been taken in the first Reserve Bank of India monetary policy meeting of the financial year 2024-25.
It was expected that RBI could surprise with its decision just before the elections, but RBI has decided to keep the repo rate stable in the monetary policy meeting for the seventh consecutive time. This means that you will not get relief in EMI right now.
It is worth noting that the repo rate was increased by 250 bps in the RBI monetary policy meeting between May 2022 and February 2023, but there has been no change in the repo rate since then.
RBI Governor Shitikantha Das said that in the first RBI monetary policy meeting of the financial year 2025, it has been decided to keep the repo rate unchanged. The central bank has kept the repo rate stable at 6.50 percent in the 7th consecutive monetary policy meeting. India’s GDP will grow at 7 percent in the financial year 2025
RBI Governor Shitikantha Das said that India’s economy will grow at the rate of 7 percent in the financial year 2024-25. Real GDP growth is estimated to be 7.1 percent in the first quarter of the financial year 2025, 6.9 percent in the second quarter and 7 percent in the third-fourth quarter.
Foreign exchange reserves at all-time high
On monetary policy decisions, RBI Governor Shitikantha Das said that the permanent deposit facility rate remains at 6.25% and the marginal permanent facility rate and bank rate remain at 6.75%. Shitikantha Das said that India’s forex reserve has reached an all-time high level. As of March 29, India’s foreign exchange reserves have reached $ 645.6 billion.
What did the governor say on inflation
Shitikanth Das said that there has been a decline in the core inflation rate, but it is still above the RBI’s target of 4 percent. Bringing it under control is our priority. Food inflation is expected to come within the RBI’s target of 4 percent and remain at 3.8 percent in the second quarter of the financial year 2025.