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RBI Monetary Policy | Highlights of MPC announcements by Governor Shaktikanta Das

The Indian economy remains resilient, drawing strength from its macroeconomic fundamentals, says RBI Governor Shaktikanta Das and assures that the RBI will be watchful of the MPC policy's impact and be ready to act as may be necessary

December 07, 2022 / 12:02 PM IST
RBI Governor, Shaktikanta Das

RBI Governor, Shaktikanta Das

The Reserve Bank of India’s monetary policy committee hiked the key repo rate by 35 basis points (bps) as expected on December 6, saying the battle against inflation would continue even as it lowered the FY23 GDP forecast to 6.8 percent from 7 percent.

The hike in the key benchmark lending rate was lower than the 50 bps increase the central bank thrice went for since June and an off-cycle 40 bps increase in May.

Sharing the MPC decisions, RBI governor Shaktikanta Das acknowledged “mixed signals” were emanating from geopolitical situations, financial markets, and “profound shocks and unprecedented uncertainty in global economy”.

Inflation “remains high and broad based” world over, Das said, adding fragmentation in trade, finance and technology was adding to de-globalisation.