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RATE CUT AT THIS STAGE WILL BE PREMATURE AND VERY VERY RISKY, SAYS RBI GUV
October 19, 2024
|The Business Guardian
The Reserve Bank of India's (RBI) Governor Shaktikanta Das on Friday said that interest rate cut at this stage will be 'premature, and very, very risky'.
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Speaking at the fireside chat at the India Credit Forum event in Mumbai by Bloomberg, Governor Das warned against any premature interest rate cuts when inflation risk is still there. RBI still maintains a growth forecast of 7.2 per cent for FY25 and expecting the inflation to moderate by November.
“We are not behind the curve. Indian growth story remains intact. India is poised to grow at 7.2 per cent. Growth is steady and resilient, inflation is moderating with certain risk, so a rate cut at this point will be premature and very, very risky,” Das said. While inflation is expected to moderate, Governor Das also said that there are 'significant risks' to the growth outlook.
During the October monetary policy announcement, RBI had maintained the status quo on rate and changed stance to 'Neutral' from 'Withdrawal of Accommodation.'
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