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RBI monetary policy: Interest rates unchanged; FY22 GDP growth projection at 9.6%

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New Delhi: The Monetary Policy Committee (MPC) of the Reserve Bank of India kept the interest rates unchanged even as it kept its stance “accommodative”. While the repo rate has been retained at 4 per cent, while the reverse repo rate stands at 3.35 per cent.

The lending rates have remained unchanged for last six times.

The policy stance continued to be “accommodative”, said RBI Governor Shaktikanta Das, adding that it would remain thus for as long as necessary.

The economy was recovering from the impact of the second wave of Covid-19 and would pick up on vaccinations, the RBI Governor said.

Das added, “We are in a much better position as compared to June this year. But we need to remain vigilant on possibility of a third wave of Covid-19.”

He reiterated that more needed to be done to restore the supply-demand balance in economy. He called the inflationary pressure “transitory”.

Meanwhile, the real GDP growth projection for FY22 has been kept at 9.5 per cent.

 

CPI inflation projected at 5.7%

The MPC has projected the CPI inflation at 5.7 per cent for 2021-22. This covers 5.9% in Q2, 5.3% in Q3 and 5.8% in Q4.

The CPI inflation for the first quarter was projected at 5.1%, said Das.

He expressed confidence of tiding over the third wave of Covid.

 

 

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