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Analysts had expected the MPC to retain its FY23 Consumer Price Inflation (CPI) and real GDP growth forecasts, at 6.7% and 7.2%, respectively.
Growth projections for the first quarter of the ongoing fiscal have been retained at 16.2%, 6.2% for Q2, 4.1% for Q3 and 4% for Q4, with risks broadly balanced, Governor Das said. For Q1 FY24, the projection has been retained at 6.7%.
RBI MPC: Shaktikanta Das on Rupee, GDP and Inflation
The RBI, on August 5, decided to increase the repo rate again by 50 bps to 5.4 %. RBI governor Shaktikanta Das also said that the rupee depreciation has happened in an orderly fashion and is due to the strengthening of the dollar, rather than a weakness in macro fundamentals.
‘No question of India falling into a recession’
The Finance Minister earlier this week said that due to the measures taken by the government, India is in a much better position than most countries. Referring to a survey, Sitharaman said there is zero possibility of India getting into recession. Sitharaman said the GDP of the US fell 0.9% in the second quarter following a 1.6% decline in the first quarter. “They start calling it an unofficial recession. There is no question of India getting into recession or stagflation,” said the Minister.
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