India News | Highlights of RBI's Bi-monthly Monetary Policy

Mumbai, Feb 8 (PTI) Following are the highlights of RBI's bi-monthly monetary policy announced by Governor Shaktikanta Das:

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* Benchmark interest rate or repo rate kept unchanged at 6.5 pc

* GDP growth for 2024-25 projected at 7 pc, lower than 7.3 pc this fiscal

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* Retail inflation to average 5.4 pc this fiscal, to come down to 4.5 pc in 2024-25

* Monetary transmission by financial institutions still remains incomplete

* Current economic momentum to sustain in the next fiscal

* Recovery in rabi sowing, sustained profitability in manufacturing, resilience of services to support economic activity in 2024-25

* Investment cycle gaining steam, signs of revival in private sector capex

* Indian economy making confident progress on strong, sustained growth path

* Rural demand continues to gather pace, urban consumption remains strong

* Govt adhering to fiscal consolidation path; domestic economic activity strong

* Uncertainty in food prices continue to impinge on headline inflation

* Increasing geopolitical tension impacting supply chain, putting pressure on commodity prices

* Forex reserve at USD 622.5 billion; comfortable for meeting foreign obligations

* Domestic financial system remains resilient with a healthy balance sheet

* Regulated entities should accord highest priority to compliance, consumer interest protection

* RBI to introduce an offline functionality in CBDC-Retail for transactions in areas with poor or limited internet connectivity.

* Exchange rate of Indian rupee remained fairly stable in the current fiscal

* Next monetary policy committee (MPC) meeting scheduled during April 3-5, 2024.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)