Mumbai: Repo rate increases by 50 basis points to 4.90% with immediate effect. The MPC voted unanimously to increase the policy repo rate by 50 bps to 4.90% says RBI Governor Shaktikanta Das.
The current repo rate is 4.40% after the rates were increased by 40 basis points at an off-cycle meeting of the Monetary Policy Committee. The standing deposit facility rate was 4.15% and the fixed reverse repo rate was 3.35%.
With the assumption of a normal monsoon, in 2022 and average crude oil price in the Indian basket of 105 dollars per barrel, inflation is now projected at 6.7% in 2022-23 says RBI Governor Shaktikanta Das.
According to the provisional estimates released by the National Statistical Office on May 31st, India’s GDP growth ins 2021-22 is estimated at 8.7%. This level of real GDP in 2021-22 has exceeded the pre-pandemic, i.e., 2019-20 level says RBI Governor Shaktikanta Das.