New Delhi : The Reserve Bank of India (RBI) has released the results of the monetary policy review, in which there has been no change in the monetary policy review for the 11th consecutive time. This is the first monetary policy review of the current financial year, in which the repo rate has been kept at 4%. Along with this, the reverse repo rate remains at 3.35%.
With no change in the repo rate, there will be no difference on the EMI. With this, the RBI has reduced the GDP growth forecast for the financial year 2022-23 from 7.8% to 7.2%. At the same time, the inflation rate has been increased from 4.5% to 5.7%.
Inflation will not decrease
The Reserve Bank (RBI) has forecast that the current financial year will remain high. It is projected to remain at 5.7% in the financial year 2022-23. It is projected to be 6.3% in April-June 2022, 5.0% in July-September 2022, 5.4% in October-December 2022 and 5.1% in January-March 2023. However, RBI Governor Shaktikanta Das said that the Reserve Bank has set a target of keeping inflation in the range of 4%, which may fluctuate by 2%.
No change in repo rate from 2020
The repo rate was last changed on 22 May 2020. Since then the repo rate has remained at the lowest level of 4%. The loan to be given to the banks is determined by the repo rate. After which the banks also change the interest rates of EMI.
GDP will be 7.8% in the financial year 2022-23
RBI has projected the GDP growth rate to be 7.8% in the financial year 2022-23. He told that the IMF believes that India will develop rapidly due to vaccination and other necessary steps.