Battle against inflation is not over: RBI Governor Shaktikanta Das

Dec 07, 2022

Mumbai Dec 07 (ANI): The RBI Governor Shaktikanta Das talked about the inflation in India and said that they will keep Arjuna’s eye on the evolving inflation dynamics. He added that the battle against the inflation is not over yet. On the other hand, the RBI Governor informed thatthe Monetary Policy committee has increasedthe Repo Rate by 35 basis points to 6.25 per cent with immediate effect from December 07. The committee held meetings on December 5, 6 and 7, in which it was decided by a majority of 5 members out of 6 to increase the Repo Rate to 6.25 per cent. The RBI Governor also said that GDP growth forecast for October-December 2022 has been lowered to 4.4 per cent. The standing facility rate and marginal standing facility rate has also increased by 35 basis points each to 6 per cent and 6.5 per cent respectively. The RBI Governor Shaktikanta Das announced the updated rates in a video released by the RBI. “CPI inflation forecast for October-December 2022 raised to 6.6% from 6.5%. CPI inflation forecast for January-March 2023 raised to 5.9% from 5.8%. CPI inflation forecast for April-June 2023 retained at 5.0%. CPI inflation is seen at 5.4% in July-September 2023," said Shaktikanta Das. "Monetary Policy Committee meeting held on December 5, 6 and 7, based on an assessment of macroeconomic situation and its outlook. MPC decided by a majority of 5 members out of 6 to increase policy reported by 35 basis points to 6.25 per cent with immediate effect," said RBI Governor Shaktikanta Das. "GDP growth forecast for October-December 2022 lowered to 4.4%. GDP growth forecast for January-March 2023 lowered to 4.2%. GDP growth forecast for FY23 lowered to 6.8% from 7%," he added.