Mumbai
Indian economy is turning around, leaving behind the Corona outbreak. The stock market is recovering. In such a scenario, the Reserve Bank of India (RBI) kept the repo rate and reverse repo rate unchanged, relieving the middle class as stated by central bank governor Shaktikanta Das at a press conference on Thursday.
The decision of the Monetary Policy Committee (MPC) was announced by the RBI today morning after meeting. The central bank said that there was no change in the repo rate. Apart from keeping the repo rate unchanged at 4 percent, other key interest rates have also been kept unchanged.
RBI Governor Shaktikant Das said, the repo rate would remain at 4 percent without any change. The MSF rate and the bank rate will remain unchanged at 4.25 percent. On the other hand, the reverse repo rate will remain at 3.35 percent.
The repo rate is the rate at which the Reserve Bank lends to other banks. Reverse repo rate, the rate at which the RBI borrows from other commercial banks. The central bank has not changed the key interest rate for the tenth time. Shaktikanta Das said, “Whatever has been allocated in the budget will help accelerate the growth rate. We need to keep a close eye on crude oil prices."
Despite the rise in crude fuel prices in the international market, retail prices in India have not risen in the last three months. According to informed sources, state-owned enterprises generally adapt to international prices. Rising fuel prices mean rising inflation. RBI governor further said, “Inflation is under control in the country. However, this factor could further impede our growth." According to him, the demand is increasing. This is a good sign for the domestic economy. However, international factors are bound to exacerbate the problem.
The world economy has been hit by the Corona epidemic. In such a scenario, the head of the central bank said that India is on a different path of recovery from the Corona situation than other countries in the world. According to the IMF, the Indian economy is expected to grow at the fastest pace among the major economies. This has been made possible by large-scale vaccination programs and continued financial support.
Specia Correspondent
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