The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) had announced an increase of the repo rate by 50 basis points (bps) to a three-year high of 5.9 percent. RBI governor Shaktikanta Das today projected real GDP growth rate of seven percent down from the 7.2 percent estimated earlier.
The RBI Governor quoting Mahatma Gandhi during his address said RBI is wakeful, ever vigilant, and ever-striving during his address. Mr Das also highlighted the measures taken to tackle the global challenges, and underlined that the national economy remains resilient.
He added that the inflation is hovering around 7 percent and is expected to remain around 6 percent in the second half of the year. Mr Das said, a series of measures have been taken since April 2022 in the backdrop of geopolitical tensions, which also hampered the global supply, referring to the Ukraine war, which began in February.
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