RBI Governor says MPC kept policy repo rate unchanged at 6.5% considering the total hike of 250 bps is still working through economy and keeping in mind inflation-growth dynamics
With June inflation numbers out, the first quarter average retail inflation for 2023-24 stands at 4.6%, in line with RBI’s estimates
Das says in recent months, there have been signs of some softening in inflation, with headline inflation easing to 4.25% in May 2023 from the peak of 7.8% in April 2022
CPI inflation is expected to remain above the upper threshold of 6% in Q3 and Q4 of this fiscal, while it is likely to moderate in the first half of FY24.
Retail inflation rose in both rural and urban areas. India's factory output saw a contraction of 0.8% in August 2022.
Inflation is likely to remain in the upper tolerance band in the first 3 quarters of FY23, says RBI governor Shaktikanta Das.
The central bank unveils liquidity facility of ₹50,000 crore for access to emergency health services, and ₹10,000 crore for small finance banks’ on-lending, among a slew of measures to fight Covid-19.
