Reserve Bank of India (RBI) Governor Shaktikanta Das had proposed an increase in the repo rate by half a percentage point in the recent monetary policy review meeting, terming inflation as unacceptable and unsatisfactory high.
Reserve Bank of India i.e. RBI Governor Shaktikanta Das
Reserve Bank of India (RBI) Governor Shaktikanta Das had proposed an increase in the repo rate by half a percentage point in the recent monetary policy review meeting, terming inflation as unacceptable and unsatisfactory high. reserve Bank The details of the meeting of the Monetary Policy Committee (MPC) were released on Friday by. This information has been obtained from this in details. Other members of the MPC had also expressed similar views in the meeting.
Repo rate was increased by 0.50%
In the meeting of the MPC held from August 3 to 5, it was decided to increase the key policy rate repo by 0.50 percent to 5.40 percent. Das had said that the policy measures will strengthen the credibility of monetary policy and reduce inflationary prospects. He had said that depending on the inflation situation and economic activities, we will take appropriate steps according to the situation wisely.
Reserve Bank Deputy Governor Michael Debabrata Patra said that by taking monetary policy action earlier, inflationary pressure can be controlled and inflation can be kept in sync with the target. This can also reduce the risk of loss in growth in the medium term.
Das had given a statement on inflation even before this
Let us tell you that last month amid the ongoing uncertainty at the global level, Reserve Bank of India (RBI) Governor Shaktikanta Das had said that the central bank will ensure that there is not much volatility in the economy, there will be only a nominal impact on economic growth and Inflation came close to four percent. While addressing an event, Das had said that retail inflation has probably reached its highest level and next month’s meeting of the Monetary Policy Committee (MPC) will review the inflation forecast for the fiscal year 2022-23 at 6.7 per cent. .
Das had said that it would be his endeavor that there should not be much volatility in the economy and inflation should be close to the target of four percent. He further said that along with this, the loss in economic growth should also be within the purview of management. The RBI governor had said that before the start of the Russia-Ukraine war, India had reached the path of recovery without much volatility on the economy front.
(with language input)