RBI Governor: RBI Governor Shaktikanta Das has expressed happiness over the decline in retail inflation. He said that the fall in the inflation rate is very satisfying. The RBI governor said that the fall in the inflation rate is indicating that the monetary policy is going in the right direction.
The RBI governor expressed happiness over the reduction in the inflation rate, but refused to say anything about the RBI’s stance on monetary policy. RBI will clarify its stance on interest rates in the announcement of the monetary policy to be announced on June 8.
In the book release program of G-20 Sherpa Amitabh Kant, Shaktikanta Das expressed hope that India’s economic growth rate will be 6.5 percent in 2023-24. He said that a boom is being seen in private investment. There is a boom in investment in steel, petrochemicals and cement sectors. He said that if India develops at the rate of 6.5 percent, then its contribution to global growth can be 15 percent. He said that there is a need to increase the expenditure on research and development in private and public sector. Along with this, he also emphasized on maintaining the improvement and adopting the best technology.
After the retail inflation has come down to the level of 4.70 percent, now the hope of relief from expensive loans has started rising. After this figure, it is believed that while announcing the RBI monetary policy in the month of June, if it does not reduce the policy rates i.e. repo rate, then it will keep it stable at the current level. A reduction in interest rates is expected in the second half of this year.
In 2022-23, after the jump in the retail inflation rate, the RBI increased the repo rate from 4 percent to 6.50 percent in 6 policy meetings, after which the loan became expensive. After this the EMI of the people became expensive.
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