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Home / Economy / RBI retains GDP growth target at 9.5%; keeps repo rate steady
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RBI RETAINS GDP GROWTH TARGET AT 9.5%; KEEPS REPO RATE STEADY

2 min read . Updated: 06 Aug 2021, 10:54 AM IST Livemint Premium RBI Monetary
Policy key highlights

RBI Policy: Governor Shaktikanta Das announced the August bi-monthly monetary
policy statement today, kept repo rate unchanged

Read Full Story


The Reserve Bank of India (RBI) governor Shaktikanta Das today announced the
August bi-monthly monetary policy statement. As expected, the RBI has kept the
repo rate unchanged at 4% for the seventh straight meeting. The Monetary Policy
Committee (MPC) continues to maintain its 'Accomodative’ stance. The reverse
repo rate stands at 3.35%.



The statement follows the three-day review meeting of the six-member MPC which
had begun on Wednesday. Majority of economists had expected RBI’s MPC to keep
the key lending rate unchanged.

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The central bank continues to believe that a hasty withdrawal of monetary policy
support could disturb the economic recovery that is taking shape. Economists,
therefore, expect RBI to commence policy normalization only by the fourth
quarter of the current fiscal year.



RBI Monetary Policy updates:

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 * The Governor again reiterated that the RBI's priority would be "to promote
   growth within the framework of financial stability". The RBI is rightly
   concerned that any departure from the present pro-growth monetary policy may
   " kill the nascent and hesitant recovery. " The communication from the
   central bank augurs well for the continuation of the growth impulses in the
   economy," said V K Vijayakumar, Chief Investment Strategist at Geojit
   Financial Services.
 * "In an expected move, MPC kept the rates unchanged and continued with the
   accommodative stance. Though the MPC voted unanimously to keep the rates
   unchanged, votes for the continuance of accommodative stance were at 5:1. It
   shows that the inflation debate is getting more prominent. The forecast of
   inflation rate for FY22 was revised upwards to 5.7 per cent from 5.1 per cent
   announced earlier. RBI's assurance to conduct OMOs when needed would help to
   keep the bond yields in check," said Deepthi Mathew, Economist at Geojit
   Financial Services.
 * RBI to conduct two more auctions of ₹25,000 crore each on August 12 and
   August 26 under the G-sec Acquisition Programme (GSAP)
 * CPI inflation is projected at 5.7 % during 2021-22 - this consists of 5.9% in
   Q2, 5.3% in Q3 and 5.8% in Q4 of 2021-22 with risks broadly balanced. CPI
   inflation for the first quarter of 2022-23 is projected at 5.1%: RBI Governor
   Shaktikanta Das
 * RBI Governor Das says that high frequency indicators for economy are
   progressing
 * Any action to curb inflation now could kill the nascent and hesitant
   recovery: Das
 * RBI keeps GDP growth forecast for FY22 unchanged at 9.5%
 * 'Accomodative' stance is not unanimous; it’s passed by 5:1 vote: RBI
 * CPI inflation surprised on the upside in May; price momentum however
   moderated. Outlook for aggregate demand is improving but underlying
   conditions are still weak. More needs to be done to restore supply-demand
   balance in no. of sectors: Governor Shaktikanta Das
 * In a much better position as compared to June 2021. Need to remain vigilant
   on possibility of a third wave: Governor Shaktikanta Das
 * Vaccine manufacturing and administration are steadily raising; yet the need
   of the hour is not to drop our guard and to remain vigilant against any
   possibility of 3rd wave: Das
 * The Reserve Bank of India (RBI) has announced the monetary policy in which it
   has kept the repo rate unchanged at 4%, announces Governor Shaktikanta Das



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