RBI projects GDP growth at 10.5 percent for FY 2021-22
RBI on GDP growth: The Monetary Policy Committee (MPC) has voted unanimously to leave Repo Rate unchanged at 4 percent, the RBI Governor Shaktikanta Das said in his Monetary Policy Statement on Friday. Likewise, the Reverse Repo Rate will remain unchanged at 3.35 percent.
Besides, Reverse Repo Rate, the Marginal Standing Facility Rate, and Bank Rate will also remain unchanged at 4.25 percent. The RBI Governor noted that the accommodative stance of the Monetary Policy will continue as long as necessary through the current Financial Year to mitigate the impact of COVID-19.
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He also said announced that the stance of liquidity management will also continue to be accommodative and completely in consonance with the stance of monetary policy.
The RBI governor further stated that the GDP growth was projected at 10.5 percent in FY 2021-22 in the range of 26.2 - 8.35 percent in H1 (first half) and 6 percent in Q3 (third quarter) of FY 2021-22.
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Even as Shaktikanta Das said that it was for the first time during the COVID-19 period that the inflation has eased below the upper tolerance level of 6 percent.
Also, he stated that RBI will persevere with its paramount objective of reviving the economy with measures relating to enhancing liquidity support to targeted sectors and liquidity management; regulation and supervision; deepening financial markets; upgrading payment and settlement systems, and strengthening consumer protection.
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He also stated that FDI and Foreign Portfolio Investment to India have surged in the recent months, reposing faith in the impressive recovery in the Indian economy.
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-PTC News
