Current Trends in Indian Economy
No change in interest rates: Reserve Bank of India (RBI)
- The Reserve Bank of India (RBI) has not made any change in the interest rate (repo rate) on short-term loans to banks.
- The interest rate remains unchanged at 6.50 percent for the fourth consecutive time.
- Earlier, the RBI raised the interest rate by 0.25 percentage points to 6.50 percent in the Monetary Policy Committee meeting held last February.
- It has been decided to keep the interest rate unchanged in the four meetings of the Monetary Policy Committee.
- In the financial year 2023-24, the economic growth of the country will be 6.5 percent. Our target is to keep inflation at 4 percent. However, inflation is likely to continue at 5.4 percent.
About Monetary Policy Committee
Created – 2016
Recommendation – Urjit Patel Committee
Head – RBI Governor
Objective – To maintain price stability
Target – To control inflation within (4% +-2%)
