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In the much-anticipated announcement by Reserve Bank Governor Shaktikanta Das, it was revealed that the Monetary Policy Committee (MPC) has opted to maintain the repo rates at 6.50 percent. This decision marks the seventh consecutive time that the MPC, comprising six members, has chosen to keep the key rates steady.
The three-day MPC review meeting, commencing on April 3 and concluding on April 5, served as the backdrop for this crucial decision, setting the tone for the financial year 2024-25. Alongside the unchanged repo rates, the Marginal Standing Facility (MSF) rate and the bank rate remained at 6.75 percent, while the Standing Deposit Facility (SDF) rate held steady at 6.25 percent.
The MPC’s decision was underpinned by a 5:1 majority vote in favor of maintaining the withdrawal of the accommodation stance, with the aim of ensuring inflation aligns with the target while supporting growth.
In his address, Governor Das highlighted the favorable growth inflation dynamics since the last policy, with growth momentum surpassing projections. Emphasizing the MPC’s commitment to aligning inflation with RBI’s target of 4 percent, he noted the easing of headline inflation to 5.1 percent in January and February, alongside a steady decline in core inflation over the past nine months.
While acknowledging the deflationary trend in the fuel component of the Consumer Price Index (CPI), Governor Das pointed out the accentuation of food inflation pressures in February. Using a metaphorical analogy, he likened inflation to an “elephant in the room” that needs to remain contained.
Discussing global trade prospects, Governor Das expressed expectations of faster growth in 2024, albeit weaker than historical averages. He noted the challenges in achieving the last mile of disinflation despite inflation moving closer to targets.
Looking ahead, Governor Das outlined India’s growth prospects, with real GDP expected to expand by 7 percent in the fiscal year 2024-25. The forecast includes growth rates of 7 percent in the June quarter, 6.9 percent in the September quarter, and subsequent 7 percent growth in both the third and fourth quarters.
The MPC’s decision reflects a cautious approach aimed at balancing inflation containment with the imperative of supporting economic growth in the evolving global and domestic landscape.
Overall, the unchanged repo rates signal stability and continuity in the monetary policy framework as the economy navigates through the uncertainties of the new financial year.
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