These two members opposed the increase in the repo rate
In the meeting of the Monetary Policy Committee of RBI, two members opposed the increase in the repo rate. Among all the members of the MPC, Ashima Goyal and Jayant Verma opposed the increase in the repo rate. Both the members also voted against the stand taken by the MPC. Although the rest of the members of the Monetary Policy Committee were in favor of increasing the repo rate. Rest of the members voted in favor of rate hike. After this the repo rate has been increased. Explain that the RBI has increased the GDP growth rate (GDP) estimate for the current financial year 2022-23 from 6.8 percent to seven percent. At the same time, in the next financial year i.e. 2023-24, the GDP growth rate has been estimated to be 6.4 percent.
Retail inflation estimated to be 6.5 percent
RBI has predicted retail inflation to be 6.5 percent in the current financial year and 5.3 percent in the next financial year i.e. financial year 2023-24. According to Reserve Bank of India Governor Shaktikanta Das, the global economy and inflation data are fluctuating and this is affecting the Indian economy. According to him, the Indian economy is growing rapidly, but global challenges are before us and decisions have to be taken accordingly. According to the RBI governor, India’s GDP growth for FY2023 has been estimated at 7 per cent. In the financial year 2023-24, the inflation rate is likely to remain above the range of 4 per cent.
Source: navbharattimes.indiatimes.com
: Language Inputs
This post is sourced from newspapers, magazines and third-party websites. For more information please check NewsDay Express Disclaimer.