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RBI monetary policy live updates: RBI MPC keeps repo rate unchanged at 6.5%; GDP likely to grow at 7% in FY25, says Das

April 5, 2024
in Business
RBI monetary policy live updates: RBI MPC keeps repo rate unchanged at 6.5%; GDP likely to grow at 7% in FY25, says Das
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Updated – April 05, 2024 at 10:19 AM.

RBI Monetary Policy, RBI MPC Meeting Live | RBI Monetary Policy Committee Meeting April 2024 Live News & Updates: The Reserve Bank of India’s Monetary Policy Committee (MPC) has decided to keep the policy repo rate unchanged at 6.5% as retail inflation continues to be above its target of 4 per cent. This is the seventh meeting on the trot that the MPC has maintained a status quo on the repo rate (the interest rate at which banks draw funds from RBI to overcome short-term liquidity mismatches). In FY25, India’s GDP is projected to grow at 7%. According to the central bank, the retail inflation is projected to be at 4.5% in the current financial year.

FILE PHOTO: FILE PHOTO: The Reserve Bank of India (RBI) seal is pictured on a gate outside the RBI headquarters in Mumbai, India, February 2, 2016. REUTERS/Danish Siddiqui/File photo/File PhotoFILE PHOTO: FILE PHOTO: The Reserve Bank of India (RBI) seal is pictured on a gate outside the RBI headquarters in Mumbai, India, February 2, 2016. REUTERS/Danish Siddiqui/File photo/File Photo

| Photo Credit: DANISH SIDDIQUI

ere are the major updates related to bi-monthly RBI Monetary Policy Committee meeting. 

ALL UPDATES

April 05, 2024 10:18

RBI MPC live news: Early indication of normal monsoon augers well for Rabi season, says the Governor

Frequent and overlapping adverse climate shocks pose upside risks to the outlook on international and domestic food price, he added.

April 05, 2024 10:17

RBI GDP projection: Real GDP growth for FY25 seen at 7%, Q1 at 7.1%, Q2 at 6.9%, Q3 and Q4 at 7% each, says Governor Shaktikanta Das

April 05, 2024 10:15

RBI monetary policy live news: Total flow of resources to the commercial sector was at ₹31.2-lakh crore in FY24 is significantly higher than ₹26.4-lakh crore in FY23

April 05, 2024 10:13

RBI MPC meeting live updates: Going forward, the outlook for agriculture and rural activity appears bright, says Governor Shaktikanta Das

Strengthening of rural demand, improving employment conditions and informal sector activity moderating inflationary pressures and sustained momentum in manufacturing and services sector should boost private consumption, Das added.

April 05, 2024 10:12

RBI monetary policy 2024 live news: PMI services remained above 60 during February and March, suggesting sustained healthy expansion, says Shaktikanta Das.

The resilience in cement production, together with strong growth in steel consumption and production and import of capital goods augur well for the investment cycle to create, to gain further traction, the Governor added.

April 05, 2024 10:11

RBI MPC live updates: In contrast to the global economy, India presents a different picture on account of its fiscal consolidation and foster GDP growth, says the Governor

The domestic economic activity continues to expand at an accelerated pace, supported by fixed investment and improving global environment. The second advanced estimates placed the real GDP growth at 7.6% for 2023 20 for the third successive year of 7% or higher, he added.

April 05, 2024 10:10

RBI MPC meeting live news: Equity markets have gained while bond yields and the US dollar have remained volatile, says Das

In the last monetary policy statement, if you recall, I heard expressed concerns about the high levels of public debt in both advanced and emerging market economies. These are dormant risks, which could erupt abruptly, he added.

April 05, 2024 10:08

RBI monetary policy live news: The global economy has remained resilient with a stable outlook, as reflected in various high frequency indicators, says Shaktikanta Das

Global trade is expected to grow faster in 2024 although weaker than its historical average. Services inflation in advanced economies remains sticky, the Governor added.

April 05, 2024 10:07

RBI MPC meeting live news: Looking ahead, robust growth prospects provide the policy space to remain focused on inflation and ensure its descent to the target of 4%, says the Governor

The MPC remains vigilant to the upside risks to inflation, that may derail the path of disinflation. Monetary policy must continue to be actively disinflationary to ensure anchoring of inflation expectations and fuller transmission of the past, monetary policy actions. The MPC will remain resolute in its commitment to aligning inflation, to the target, Das added.

April 05, 2024 10:06

RBI MPC live updates: Since the last policy, the growth- inflation dynamics have played out favourably, says Das.

Growth has continued to sustain its momentum surpassing all projections. headline inflation has eased. to 5.1% during both January and February, he added.

April 05, 2024 10:04

RBI monetary policy live updates: RBI MPC keeps repo rate unchanged at 6.5%

The RBI’s six-member monetary policy committee kept the policy repo rate on hold at 6.50 per cent at its first meeting of FY25 as retail inflation remains above its 4 per cent target. 

It persisted with its “withdrawal of accommodation” withdrawal of accommodation stance. Both decisions were by a majority of 5 out of 6 members.

April 05, 2024 10:02

RBI monetary policy live updates: This is the first monetary policy statement of the current financial year 2024 25, says Governor Shaktikanta Das

April 05, 2024 09:36

RBI monetary policy news: Sensex, Nifty open little changed ahead of RBI rate decision

Equity benchmarks BSE Sensex, NSE Nifty traded flat at the open on Friday, ahead of the Reserve Bank of India’s monetary policy decision, where the central bank is expected to maintain its key interest rate for a seventh straight meeting.

The NSE Nifty 50 index was down 0.13% at 22,486.40, while the BSE Sensex added 0.08% to 74,287.02.

April 05, 2024 08:27

RBI monetary policy live updates: Sensex, Nifty set for flat opening ahead of RBI policy decision

Indian markets are expected to open in the negative on Friday amid the focus on the Reserve Bank of India’s credit policy and global cues. Analysts predict a gap down opening of around 100 points for Nifty due to the unabated selling by foreign portfolio investors. The major focus on Friday will be on the RBI statements after the rate-meet outcome, with expectations for a rate pause at the first MPC meeting for FY25. Economic growth has continued to remain strong, with above-expected GDP growth during Q3 FY’24. The RBI’s focus is likely to be on liquidity management and withdrawal of accommodation to keep inflation well anchored. Traders are also awaiting weekly unemployment claims and trade balance data from the US.

April 05, 2024 08:06

RBI monetary policy live updates: Smartworld Developers CEO optimistic about potential RBI rate cut boosting real estate market

Vivek Singhal, CEO, Smartworld Developers, said an interest rate cut in the upcoming RBI meeting will augur well for India’s real estate market. 

A rate cut will lower borrowing costs, stimulate demand, and foster investor confidence.

“Such a move has the potential to unleash a wave of growth and revitalisation in the sector. As consumers prioritise stability and security in their investment decisions, a lower interest rate environment would greatly enhance homebuyer sentiment and bolster affordability — a critical determinant within the housing market landscape,” he said.

April 05, 2024 07:33

RBI monetary policy live updates: Housing.com CEO expects RBI to maintain key policy rate

On expectations from the RBI, Group CEO of Housing.com Dhruv Agarwala said the central bank is likely to maintain a status quo on key policy rate in its April 5 policy amid strong economic growth. 

“Even though the year-long downward trend in core inflation is encouraging, inflation is still close to the upper band of the apex bank’s 2-6 per cent target, leaving little room for any rate cut during this policy cycle,” he said, adding considering interest rates are likely to remain stable, the demand for housing in the country would continue to get a boost.

April 04, 2024 21:50

RBI monetary policy live updates: RBI likely to remain cautious on inflation, says Rajani Sinha

The market is broadly expecting that the RBI will maintain status quo on policy rates in the MPC (Monetary Policy Committee) meeting. However, the critical factor to watch out for is the indication given by the central bank regarding its future course of action, says Rajani Sinha, Chief Economist, CareEdge.

April 04, 2024 21:48

RBI MPC live news: RBI starts FY25 with four VRRR auctions

The Reserve Bank of India (RBI) has kicked off liquidity management operations in the new financial year by conducting four variable rate reverse repo (VRRR) auctions — two each on April 2 and April 3 — to suck out surplus liquidity from the banking system and reinforce its “withdrawal of accommodation” monetary policy stance.

Banking system liquidity has turned into a surplus due to March month-end spending by the government. The liquidity surplus was at ₹1.47 lakh crore as of April 2.

April 04, 2024 21:26

RBI monetary policy live updates: Retail inflation remains almost unchanged at 5.09% in February

Retail inflation rate stayed almost flat at 5.09 per cent in February compared to the preceding month, according to official data released on Tuesday.

Inflation based on the Consumer Price Index (CPI) was at 5.1 per cent in January and 6.44 per cent in February 2023.

According to the data released by the National Statistical Office (NSO), retail inflation in the food basket was at 8.66 per cent in February, marginally up from 8.3 per cent in the previous month.

April 04, 2024 21:15

RBI MPC live updates: RBI likely to hold repo rate at 6.50%

With the Reserve Bank of India (RBI) fixated on aligning retail inflation with the four per cent target, majority of the members of its rate setting panel are expected to vote to hold the repo rate at 6.50 per cent at their first meeting in the new financial year.

The repo rate, which is the interest rate at which banks draw funds from RBI to overcome short-term liquidity mismatches, was left unchanged in all six bi-monthly monetary policy reviews in FY24 as retail inflation stayed above the monetary policy committee’s four per cent target.

This rate was last increased from 6.25 per cent to 6.50 per cent in February 2023.

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