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RBI has not made any change in repo rate. That is, the repo rate remains at 6.50 percent. As there were already speculations that the RBI may keep the repo rate steady, the announcement has been made in the same way.
Apart from this, the RBI Governor in his speech has indicated the possibility of an increase in inflation from July to August. He said that inflation has been affected by the increase in the price of vegetables. The RBI Governor said that the Indian economy remains strong. India is better equipped to deal with global challenges than other countries. Globally, interest rates will continue to rise for a long time.
Retail inflation forecast
FY24 retail inflation is estimated to increase to 5.4 percent from 5.1 percent. Q1FY24 – 5.4%, Q2FY24 – 6.2%, Q3FY24 – 5.7%, Q4FY24 – 5.2%. Along with this, CPI is expected to be 5.2 percent in FY25. CRR will remain at 4.5%. Meanwhile, the RBI Governor said that there has been an increase in surplus liquidity. Liquidity has increased with the introduction of Rs 2000 notes.
The meeting started from August 8
Let it be known that the meeting of RBI’s Monitoring Policy Committee (MPC) started on August 8. This meeting lasted till August 10. RBI Governor Shaktikanta Das has informed about the decisions taken in it. Recently, the prices of food items in the country have increased significantly. It was believed that the RBI may keep policy rates unchanged for the third time in a row to control inflation.
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