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RBI keeps repo, reverse repo rates unchanged; real GDP growth projected at 7.8%

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New Delhi: The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) has decided to keep the policy repo and reverse repo rates unchanged.

While the repo rate continues to be 4 per cent, the reverse repo rate is 3.35 per cent.

RBI Governor Shaktikanta Das announced the decisions of the MPC on Thursday.

The central bank has also projected the real GDP growth at 7.8 per cent.

Das pointed out that the Covid-19 pandemic continues has held the world economy hostage again, but expressed confidence that India will grow at the fastest pace in the world.

“We have made effort to limit disruption to economic activity. While CPI edged higher, it is along expected lines. Core inflation remains elevated and headline inflation is expected to peak in Q4FY22, and turn moderate in H2GY23. Continued policy support is warranted for durable, broad-based recovery,” Das said.

Meanwhile, the inflation target for FY23 has been reduced to 4.5 per cent.

 

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