{"id":3309,"date":"2023-12-08T14:16:01","date_gmt":"2023-12-08T08:46:01","guid":{"rendered":"https:\/\/www.spidersoftwareindia.com\/blog\/?p=3309"},"modified":"2023-12-08T14:16:04","modified_gmt":"2023-12-08T08:46:04","slug":"rbi-keeps-stable-repo-rate-unchanged-inflation-forecast-and-a-projected-7-gdp-growth-indicate-a-steady-economic-outlook","status":"publish","type":"post","link":"https:\/\/www.spidersoftwareindia.com\/blog\/rbi-keeps-stable-repo-rate-unchanged-inflation-forecast-and-a-projected-7-gdp-growth-indicate-a-steady-economic-outlook\/","title":{"rendered":"RBI keeps stable repo rate, unchanged inflation forecast, and a projected 7% GDP growth indicate a steady economic outlook."},"content":{"rendered":"\n

The RBI, maintaining its key interest rate for the fifth consecutive meeting, underscores a commitment to price stability, while also revising the GDP growth forecast for FY24 to 7% and retaining the CPI inflation forecast at 5.4 percent.<\/p>\n\n\n\n\n\n\n\n

\"\"<\/figure>\n\n\n\n

Reserve Bank of India (RBI) Governor Shaktikanta Das announced the unchanged repo rate at 6.5 percent, along with steady Standing Deposit Facility and Marginal Standing Facility rates, and emphasized a 5-1 MPC vote to prioritize withdrawing accommodation for inflation alignment while supporting growth<\/p>\n\n\n\n

Here are key highlights from Reserve Bank’s press<\/h2>\n\n\n\n

Inflation top priority now<\/h2>\n\n\n\n

RBI Governor Shaktikanta Das affirmed a balanced approach, prioritizing both growth and inflation, emphasizing the commitment to achieving the 4 percent inflation target while clarifying that the mention of the risk of overtightening does not signify a shift in approach or imminent loosening.<\/p>\n\n\n\n

CPI inflation forecast for FY24 retained at 5.4%<\/h2>\n\n\n\n

RBI Governor Shaktikanta Das maintains the CPI-based inflation forecast for the fiscal year 2023-24 at 5.4 percent, with quarter-wise projections indicating stability: October-December 2023 at 5.6 percent, January-March 2024 at 5.2 percent, April-June 2024 at 5.2 percent, July-September 2024 at 4.0 percent, and October-December 2024 at 4.7 percent.<\/p>\n\n\n\n

GDP growth forecast for FY24 raised to 7%<\/h2>\n\n\n\n

RBI Governor Shaktikanta Das announces an upgraded GDP growth forecast for FY24 at 7 percent, with quarter-wise projections indicating an upward trajectory: October-December 2023 at 6.5 percent, January-March 2024 at 6 percent, April-June 2024 at 6.7 percent, July-September 2024 at 6.5 percent, and October-December 2024 at 6.4 percent.<\/p>\n\n\n\n

UPI limit enhanced for hospital, educational payments<\/h2>\n\n\n
\n
\"\"<\/figure><\/div>\n\n\n

On December 8, the RBI elevated the UPI transaction limit for education and healthcare facilities from Rs 1 lakh to Rs 5 lakh, as announced by Governor Shaktikanta Das during the MPC statement.<\/p>\n\n\n\n

Regulating digital lending<\/h2>\n\n\n\n

Governor Shaktikanta Das emphasizes proactive measures to curb retail loan growth, stating that a unified regulatory framework on connected lending for all regulated entities will be introduced by the RBI, aiming to bolster credit pricing and management. Additionally, he highlights the forthcoming regulatory guidelines on web aggregation of loan products, aiming to enhance transparency in the digital lending sector.<\/p>\n\n\n\n

Effect of RBI Policy on Nifty<\/h2>\n\n\n\n
\"\"<\/figure>\n\n\n\n

The Nifty 50 achieved a record high of 21,005.05, and the Sensex set a new milestone at 69,888.33, propelled by market expectations met with the RBI’s decision to maintain the repo rate at 6.5 percent. The 5 to 1 vote by the RBI’s monetary policy committee underscores the commitment to withdrawing accommodation, with the goal of aligning inflation with the target while sustaining economic growth.<\/p>\n\n\n\n

During the ongoing bullish trend in the market, approximately 38 percent of the Nifty 50 Index, represented by around 19 stocks, have recently reached record highs, underscoring substantial positive momentum and notable peaks within this benchmark stock index in India.<\/p>\n\n\n\n

Effect of RBI Policy on Bank Nifty<\/h2>\n\n\n\n

On December 8, the Bank Nifty marked a historic high of 47,170.25, rising by 0.7 percent, buoyed by positive sentiments following the Reserve Bank of India’s monetary policy outcome. The index has seen a remarkable 5 percent increase this week, poised for its most substantial weekly gain since July 2022, contributing to a year-to-date surge of over 9 percent, outperforming the Nifty50 index’s 15 percent rally. Notably, individual banking stocks, including ICICI Bank, HDFC Bank, Axis Bank, Bank of Baroda, and State Bank of India, exhibited gains of 5 percent, 6 percent, 9 percent, 10 percent, and 5 percent, respectively, during the same period.<\/p>\n\n\n\n

Furthermore, explore the Top Bank Nifty Options Strategies., Click Here<\/a><\/p>\n\n\n\n

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Disclaimer: The information provided in this Blog is for educational purposes only and should not be construed as financial advice. Trading in the stock market involves a significant level of risk and can result in both profits and losses. Spider Software & Team does not guarantee any specific outcome or profit from the use of the information provided in this Blog. It is the sole responsibility of the viewer to evaluate their own financial situation and to make their own decisions regarding any investments or trading strategies based on their individual financial goals, risk tolerance, and investment objectives. Spider Software & Team shall not be liable for any loss or damage, including without limitation any indirect, special, incidental or consequential loss or damage, arising from or in connection with the use of this blog or any information contained herein.<\/code><\/pre>\n
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The RBI, maintaining its key interest rate for the fifth consecutive meeting, underscores a commitment to price stability, while also revising the GDP growth forecast for FY24 to 7% and retaining the CPI inflation forecast at 5.4 percent.<\/p>\n
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