RBI Hikes Repo Rate By 50 Basis Points, Lowers Prediction For GDP Growth In FY23 | English News

Shaktikanta Das, the governor of the RBI, revealed on Friday that the Monetary Policy Committee has decided to raise the repo rate by 50 basis points to 5.9%. Additionally, RBI changed its monetary policy's accommodative stance and reduced its FY23 GDP projection from 7.2% to 7%. It anticipates that inflation would continue high in FY23, at 6.7%. Das emphasized that the Indian economy is still solid and that it continues to have the highest real GDP growth rate among developed nations. "RBI had no scope of doing anything differently, inflation has been near 7% for 21 months", says Santosh Mehrotra. "Nobody likes a rate increase as all household- plans go haywire and means additional cost burdens:" Economist Sanjeev Ahluwalia. Tune in for more such updates and news. #rbi #inflation #englishnews