Economic growth projections were retained at 6.5%, with first two quarters expected to deliver slightly more. Second half likely to yield moderately less pace of growth than assessed in April
RBI Monetary Policy: The rate-setting committee decided to continue with its stance of 'withdrawal of accommodation'
RBI policy: Shaktikanta Das will announce the MPC decision today at 10 am
RBI Monetary Policy: This will be the third time in 2023 that the MPC will announce its policy decision
India's latest quarterly growth figures exceeded estimates last week, bringing about an expansion of 7.2% for the last fiscal year
A change in stance could be inferred by the markets as a definite sign of rates peaking. MPC needs to be comfortable with expressing the softer-than 'pause but not a pivot' view of the April policy
Most economists see FY24 inflation forecast likely being revised downward to 5% but no change in stance
Some might conclude that manufacturing cannot be a leading sector without subsidies on inputs and cash pay-outs given for agri. But will such a manufacturing sector be viable, wonders T N Ninan
Abheek Barua said that the Indian economy is expected to grow at 4.4% in the quarter ended March 31
'The rate hikes started in May 2022 and cumulatively there is a significant increase in policy rate (250 basis points)'
'Lot of high frequency indicators are showing some signs of slowing'
All the members unanimously agreed to keep the repo rate unchanged at 6.5% in the April review. Between May 2022 and February 2023, the policy repo rate was increased by 250 bps
Lowers inflation forecast, ups growth projection; bond prices, Rate sensitive stocks rally
The RBI has paused because it wants to evaluate the cumulative impact of the past rate hikes
"It is now necessary to assess the cumulative impact of our action taken so far"
Inflation remains significantly above the target
After six consecutive hikes aggregating 250 bps, RBI hits a pause
RBI repo rate: The MPC decision to hit the pause is for this policy cycle only, says RBI governor Shaktikanta Das
RBI Monetary Policy decision: The speech can be watched on RBI's YouTube channel. It will be broadcast on PIB's YouTube channel as well
RBI MPC: If the RBI announces another rate hike tomorrow, it will take the repo rate to the highest level since April 2016, when it was 6.75 per cent