RBI advocates reduction in tax on petrol and diesel, no change in repo rate


Amid rising inflation, Reserve Bank Governor Shaktikant Das today announced the central bank’s monetary policy. The central bank has not changed the repo rate. It has been kept at 4 per cent.

rbi monetary policy meeting announcements
rbi monetary policy meeting announcements

For the eighth consecutive time, the central bank has not changed its policy interest rates. Das said the committee has unanimously decided not to change the policy rates. Following the Monetary Policy Review Meeting in the second quarter of FY2021-22, the RBI Governor outlined the decisions taken. The RBI’s MPC meeting began on October 6. At present, the repo rate is 4 per cent and the reverse repo rate is 3.35 per cent. The last time the RBI changed the repo rate was in May 2020. The repo rate was then reduced by 40 bps (0.40 per cent), after which the repo rate was reduced to 4 per cent.

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Das said the country was in a better position today than in the last MPC meeting. There are strong signs of growth and the inflation trend is better than expected. Overall demand is improving but somewhat sluggish. On inflation, he said it was lower than the RBI’s estimates but major inflation was worrisome. Taxes on petrol and diesel should be reduced to control inflation. It may be recalled that petrol and diesel prices in the country have risen sharply recently. In most cities, the price of petrol has crossed Rs 100 per liter while diesel is moving in the same direction.

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