According to media source, In a key decision, the Reserve Bank of India on Friday decided to leave its benchmark repo rate unchanged for the fourth straight time, keeping it at 6.5%, while maintaining that it was focussed on a “withdrawal of accommodation” to tame inflation.
As per media reports, Inflation continues to be the key villain in the story. RBI estimates retail inflation at 5.4% in FY24. CPI inflation is seen at 6.4% in Q2, 5.6% in Q3 and 5.2% in Q4. India’s retail inflation is seen at 5.2% in Q1 FY25. Throughout much of the third quarter, food inflation pressures may not see sustained easing, as external pressures continue to remain volatile, RBI governor said.
RBI’s monetary policy broadly remains pivoted on “withdrawal of accommodation”, the governor said, meaning it will be focussed on curbing money supply in economy to control inflationary pressure.
According to media source, Das said a declining outlook for core inflation (inflation that excludes volatile food and fuel prices) was a “silver lining” but overall inflation still faces risks from a decline in kharif or summer sowing, hinting at continued higher food prices. The global economy is still in a slowdown, RBI Governor Shaktikanta Das warned.
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