No action off the table to safeguard Indian economy: RBI Governor Shaktikanta Das

Shaktikanta Das

Governor Shaktikanta Das has said that RBI is braced to defend the Indian economy.

"We are not hostage to any rulebook. No action is off the table when the need is to safeguard the Indian economy," Das said while announcing  the Monetary Policy Committee (MPC) report.

RBI Monetary Policy LIVE Updates

On April 8, Reserve Bank of India (RBI) Governor Shaktikanta Das stated in his first Monetary Policy Committee (MPC) presentation for the financial year 2022-2023 that consumer price index (CPI) inflation is expected to average 5.7 percent in FY23.

Inflation is expected to average 6.3 percent in the first quarter (April-June 2022), 5 percent in the second quarter (July-September 2022), 5.4 percent in the third quarter (October-December 2022), and 5.1 percent in the fourth quarter (January-March 2023) of this fiscal year.

Das indicated that edible oil prices were expected to remain high in the short term, and that the rise in crude oil prices since the end of February as a result of the Russia-Ukraine situation poses a significant risk to the global economy.

Forecasts anticipate a crude oil price of $100 per barrel, according to RBI Governor Shaktikanta Das.

The figure, which was revealed in the central bank's six-monthly Monetary Policy Report on April 7, represents a significant increase over earlier estimates. The RBI assumed a price of $75 per barrel for the second half of FY22 when forecasting Consumer Price Index (CPI) inflation, according to the October issue of the Monetary Policy Report.