Monetary Policy Updates : RBI
The committee recently held its meeting on February 8, 2023.
Highlights:
- RBI hikes benchmark lending rate by 25 basis points to 6.50 per cent. MSF rate will stand revised at 6.75%
- RBI projects 6.4 pc economic growth for 2023-24, lower than 7 pc this fiscal
- Inflation to come down to 5.3 pc in 2023-24, from average of 6.5 pc this fiscal
- Inflation outlook clouded by protracted geopolitical tensions, rising commodity prices
- Indian economy resilient; higher rabi acreage, robust credit expansion, thrust on capex in Budget 2023-24 to support growth
- Current account deficit to moderate in Oct-March, from 3.3 pc in April-Sept this fiscal
- Foreign exchange reserves at USD 576.8 billion as on January 27, 2023, covers 9.4 months of projected imports for 2022-23
- Indian Rupee remained one of the least volatile currencies among its Asian peers in 2022 and this year
- All inbound travellers to India will be allowed to use UPI for their merchant payments
- Pilot for QR Code based Coin Vending Machine (QCVM) to be launched in 12 cities
