The Reserve Bank of India (RBI) maintained the policy rate at 6.5% for the sixth consecutive time and continued its stance of withdrawing accommodation. RBI Governor Shaktikanta Das stated that domestic economic activity is strengthening, with the GDP expected to grow by 7.3% in 2023-24. The central bank projected CPI inflation for 2024-25 at 4.5%, assuming a regular monsoon. The decision to keep rates unchanged was expected, while the withdrawal of accommodation stance might be a surprise. The risks were deemed evenly balanced, and the real GDP growth for 2024-25 is projected at 7%.
RBI Keeps Policy Rate Unchanged at 6.5% for Sixth Time
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