The Reserve Bank of India's Monetary Policy Committee unanimously decided to maintain the repo rate at 6.5%.
2
Loan rates stable
The repo rate is the rate of interest at which RBI lends to other banks. With repo rate unchanged, loan interest rates may remain unchanged too.
3
GDP growth forecast FY24
The GDP growth projection for the current fiscal year has been raised to 7% (from previous 6.5%), with 6.5% and 6% for the third and fourth quarters, respectively.
4
GDP growth forecast FY25
In the first three quarters of FY25, the GDP is expected to grow by 6.7%, 6.5%, and 6.4%, respectively.
5
Policy stance maintained
The RBI also maintained its policy stance of "withdrawal of accommodation" to ensure inflation progressively aligns with the committee's target while remaining supportive of economic growth.
6
Inflation forecast maintained
Despite concerns about food price hikes and crude oil price fluctuations, the RBI maintained its inflation forecast of 5.4% for this fiscal year.