RBI Monetary Policy 2023: RBI made loan costlier by 0.25 percent, estimated 6.4 percent growth rate next year

RBI Monetary Policy 2023: RBI Governor Shaktikanta Das has announced an increase of 0.25 percent in the repo rate after the MPC meeting. With this, the repo rate has now become 6.50 percent.

Highlights
1. RBI increased the repo rate for the sixth time in a row.
2. The repo rate has now become 6.50 percent.
3. Its effect will be seen in the interest rate of banks in the coming days.

New Delhi. RBI Governor Shaktikanta Das told after the end of the MPC meeting today that the repo rate is being increased by 25 basis points or 0.25 percent. RBI has increased the repo rate for the sixth time in a row. After this, taking a further loan will become more expensive. 4 out of 6 people on the Monetary Policy Committee (MPC) had agreed in favor of increasing the repo rate. According to Das, the inflation rate is estimated to be above 4 percent in FY24. He said that the effect of the increase in interest rates issued from May 2022 is slowly showing its effect.

He said that the Consumer Price Index (CPI) based inflation rate is expected to be 5.6 percent in January-March 2023, while it was 5.9 percent at the same time last year. Regarding the growth of GDP, he said that India’s growth rate is estimated to be 6.4 percent in the financial year 2023-24. According to Das, it will increase from 7.1 percent to 7.8 percent in April-June 2023 as compared to the same period last year. Apart from this, it is estimated to grow at 6.2 percent in July-September against 5.9 percent, 6 percent in October-December, and 5.8 percent in January-March 2024.

Inflation
Shaktikanta Das has said that the estimate of CPI-based inflation for FY23 has been reduced from 6.7 percent to 6.5 percent. At the same time, it is expected to come down to 5.3 percent in the next financial year. He said that due to good yield in the Rabi season, inflation in food items will come down. The RBI governor said that due to some unexpected developments in the last year, monetary policy has brought challenging times.

Global economy better than before
Shaktikanta Das has said that the global economy is not looking as bad as it was seen a few months back. He has said that the prospects of growth in the main economies are better than before. According to Das, the inflation rate is also under control, but still, it remains above the target in many countries. He said that the Indian rupee remained the least volatile in 2022 as compared to other Asian currencies. It still looks to be in better condition than the rest.

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