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Monetary policy to stay tight, interest rates to remain high
The Business Guardian
|October 21, 2023
Reserve Bank of India (RBI) Governor Shaktikanta Das, while addressing the Kautilya Economic Conclave 2023, emphasized the importance of an actively disinflationary monetary policy. He stressed that such a policy is essential to ensure that the recent decline in inflation, which has fallen from its peak of 7.44% in July, continues smoothly.
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Governor Das highlighted that price stability and financial stability are interrelated and complement each other. The RBI has been dedicated to efficiently managing both aspects. This dual focus is aimed at fostering a conducive economic environment that encourages growth and economic stability.
Resverat Retail inflation in India witnessed a drop, reaching a three-month low of 5.02% annually in September. This decline can be attributed to moderations in the prices of vegetables and fuel, effectively bringing it back within the comfort level established by the Reserve Bank. In comparison, inflation based on the Consumer Price Index (CPI) was recorded at 6.83% in August and 7.41% in September 2022. It reached its peak at 7.44% in July. To address these concerns and curb inflation, the RBI had increased the key policy rate (repo rate) by 250 basis points since May 2022. However, the RBI decided to pause its rate hikes in February this year.
This story is from the October 21, 2023 edition of The Business Guardian.
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