RBI Governor says – Success achieved on inflation front in the country, now needed – India TV Hindi

RBI Governor- India TV Paisa

Photo: Reuters RBI Governor

The Indian Reserve Bank Governor Shaktikanta Das has said that the success achieved on the inflation front needs to be sustained. Das said this while voting to keep the policy rate steady at the Monetary Policy Committee (MPC) meeting earlier this month. The Reserve Bank of India released the details of the MPC meeting on Friday. Accordingly, other members expressed concern over the impact of global political developments on prices.

The repo rate has remained unchanged since February.

After a three-day meeting of the Monetary Policy Committee (MPC), the Reserve Bank decided to maintain the policy repo rate at 6.5 percent. Repo rate remains unchanged from February 2023 amid inflationary concerns. “In order to moderate inflation, the gains made in the last two years will have to be maintained,” Das said. Headline inflation will have to work to bring it down to the four percent target on a sustainable basis, with five of the six MPC members voting to keep policy rates unchanged.

Jayant Verma had talked about cuts.

MPC member Jayant R Verma, however, advocated a 0.25% cut in the repo rate. His argument was that high interest rates hampered growth. According to the details, Das said in the meeting that inflation may reach 4.5% in 2024-25. He also said that ongoing global tensions and their impact on commodity prices and supply chains are also adding to inflationary uncertainty.

They are members of the MPC.

Shashank Bhide, Ashima Goyal and Jayant R Verma are outside members of the MPC. RBI Governor Shakti Kanta Das, Deputy Governor Michael Dibbrata Patra and Executive Director Rajeev Ranjan represent the central bank. Patra said that there is no scenario of any easing in the restrictive stance of monetary policy. Goyal said global trade appears to be improving, but growth is mixed and geopolitical risks remain.

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