Breaking News: RBI MPC Meet 2024 Live – Unbelievable Stability as Repo Rate Holds Steady at 6.5% for Ninth Consecutive Time!
RBI MPC Meet 2024 Live: Key Takeaways from Governor Shaktikanta Das’ Announcement
During a live press conference in Mumbai, RBI Governor Shaktikanta Das detailed the outcomes of the Monetary Policy Committee (MPC) meeting held from August 6 to August 8. The spotlight is on whether the Reserve Bank of India (RBI) will keep the repo rate steady at 6.5%—a rate that has remained unchanged for the past 18 months.
Experts anticipate that the RBI will maintain the status quo on the repo rate, marking the ninth consecutive instance of leaving this benchmark rate untouched. This decision is expected to be formally announced by Shaktikanta Das at around 10 am today.
In addition to the rate decision, stakeholders should pay close attention to the RBI’s forecasts for India’s GDP growth and inflation rates. Retail inflation showed an uptick, rising to 5.08% year-on-year in June, primarily due to escalating food prices. However, since March, CPI-based inflation has remained below 5% and has stayed within the RBI’s tolerance range of 2-6% for the last ten months.
Reflecting on the previous MPC meeting in June, the committee voted 4-2 to keep the repo rate at 6.5% and continued its ‘withdrawal of accommodation’ stance. During that meeting, the RBI revised its GDP growth forecast for FY25 to 7.2%, up from the prior estimate of 7%, while the inflation forecast held steady at 4.5%.
Looking ahead, the RBI has scheduled its upcoming MPC meetings for October 7-9, December 4-6, and February 5-7, 2025. These sessions will be closely monitored for any potential shifts in monetary policy, given the evolving economic landscape.
Stay tuned for further updates and detailed analyses following the RBI Governor’s announcement.
Original Story https://www.hindustantimes.com/business/rbi-mpc-meet-2024-live-reserve-bank-of-india-monetary-policy-meeting-today-shaktikanta-das-announcement-8-august-2024-101723079339668.html
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