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NRIPage | Articles | RBI to Hold Repo Rate, May Cut CRR Amid Slower Growth and High Inflation | Get Latest NRI News & Updates. Latest News & Updates for NRIs Worldwide - NRI Page
The Reserve Bank of India’s Monetary Policy Committee (MPC) is expected to maintain the status quo on the benchmark repo rate at 6.5% in its upcoming meeting from December 4 to 6. Despite India's GDP growth slowing to 5.4% in the July-September quarter, economists suggest that inflation concerns will likely take precedence, making a rate cut unlikely in December. Retail inflation rose to 6.2% in October, exceeding the RBI’s target range of 2-6%.
Though a repo rate cut seems improbable, experts expect the RBI to signal support for economic growth, possibly acknowledging the need for future rate cuts, with some predicting a reduction in the cash reserve ratio (CRR) as early as December. This move would ease liquidity in the banking system, facilitating quicker transmission of rate cuts once they occur.
The weaker-than-expected GDP growth has prompted economists to revise full-year growth forecasts, and the RBI is expected to lower its GDP growth outlook from 7.2%. Despite inflation concerns, there may be some signs of easing in food prices, which could influence future decisions.
