RBI monetary policy: If you have also taken any kind of loan, then a big decision is going to come from RBI tomorrow. The decision on policy interest rate will come on April 5. This meeting started on 3 April.
RBI MPC Meeting 2024: At this time everyone is hoping that their home loan EMI will be reduced… If you have also taken any kind of loan, then tomorrow from RBI A big decision is coming. The decision on policy interest rate will come on April 5.
This meeting started on 3 April. It is expected that the Central Bank can once again keep the repo rates stable. Along with this, the focus of RBI is to keep inflation under control.
The focus is expected to remain on real inflation as concerns over the economic growth rate subside. This is the first monetary policy review for the financial year 2024-25. The new financial year has started from April 1st. This year RBI will hold 6 MPC meetings.
The change took place in February 2023
RBI last increased the repo rate in February 2023 and since then it has remained constant at 6.5 percent. There has been no change in the repo rate since the last 6 meetings.
Who is included in the committee
The committee headed by Governor Das also includes Shashank Bhide, Ashima Goyal, Jayant R Verma, Rajeev Ranjan and Michael Debabrata Patra. The government has asked the RBI to ensure that retail inflation remains at four percent with a variation of two percent. The retail inflation rate in the month of February was 5.1 percent.
What is the expert’s opinion?
The expert said that in the MPC meeting, attention can be given to the stance of central banks of some major economies like America and Britain. These central banks are currently in a ‘watch and wait’ position regarding interest rate cuts. Switzerland has become the first major economy to cut interest rates, while Japan, the world’s third largest economy, has recently ended the streak of negative interest rates.
There is a possibility of cut in Q3
The research report of State Bank of India (SBI), the largest public sector lender, has said that the withdrawal of liberal stance in monetary policy may continue. In this, the possibility of first rate cut in the third quarter of the current financial year has been expressed. On expectations from RBI, Housing.com Group CEO Dhruv Agarwal said that the central bank can keep the repo rate stable amid strong economic growth.
GDP growth rate estimate
The National Statistical Office (NSO) has revised the estimates of Gross Domestic Product (GDP) growth rate for the first and second quarter of the current financial year to 8.2 and 8.1 percent respectively. The growth rate in the December quarter of the last financial year was 8.4 percent.
