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Monetary Policy Committee decisions UPSC NOTE

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  Reserve Bank of India MPC Decision The MPC decided to maintain the benchmark interest rate at 6.50% , unchanged since April 2023. Inflatio...

 Reserve Bank of India MPC Decision

  • The MPC decided to maintain the benchmark interest rate at 6.50%, unchanged since April 2023.

  • Inflation had fallen below the RBI’s target of 4% in July and August but has since risen to 5.5% in September.

  • The MPC described the decline in inflation as slow and uneven.

  • The MPC maintained its inflation projection at 4.5% and GDP growth estimate at 7.2% for 2024-25.

  • Adjusted inflation expectations:

    • Q2: 4.1% (previously 4.4%)

    • Q3: 4.8% (up from 4.7%)

    • Q4: 4.2%

  • The MPC switched from a hawkish to a neutral stance but remains focused on aligning inflation to the 4% target.

  • Food inflation, particularly from vegetables, is a concern.

  • Core inflation (excluding food and energy) is expected to rise.

  • Global oil and metal prices pose additional risks.

  • Hopes for a rate cut in December are slim; a potential cut might come in February if economic conditions improve.

  • Signs of cooling in economic activity, with weaker car sales and a contraction in industrial output noted.

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Learnerz IAS | Concept oriented UPSC Classes in Malayalam: Monetary Policy Committee decisions UPSC NOTE
Monetary Policy Committee decisions UPSC NOTE
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