RBI MPC member predicts ‘less severe’ high food inflation
The Reserve Bank of India (RBI) Monetary Policy Committee (MPC) member highlighted that going ahead, as India develops, the problem of high food inflation would be "less severe".
As predicted by economists, the Reserve Bank of India’s Monetary Policy Committee (MPC) did not change the repo rate from 6.50 per cent.
Announcing the decision of the MPC after its three-day deliberations, RBI Governor Shaktikanta Das said on Thursday that the committee unanimously decided to keep the repo rate at 6.5 per cent.
Das said taking into account the economic factors, the MPC has predicted GDP growth at 6.5 per cent in FY24.
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As regards the inflation rate, the MPC forecast was 5.4 per cent for 2023-24 taking into account the various domestic and global factors.
Das also said uncertainty exists due to geopolitical situation, monsoon and others.
The MPC met on August 8th, 9th and 10th.
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