RBI Governot has announced several additional regulatory measures through Statement on Developmental and Regulatory Policies.
The Reserve Bank of India (RBI) Monetary Policy Committee (MPC) has kept repo rates unchanged at 6.5 percent. It has also decided to remain focused on the withdrawal of the accommodative stance, Governor Shaktikanta Das said. This is the sixth consecutive unchanged decision and comes after the Interim Budget was announced on February 1, 2024.
India’s Finance Minister Nirmala Sitharaman presented the much-anticipated Interim Budget, outlining the government’s spending plans. Overall Focus of the Budget :
• Meeting the needs and aspirations of the poor, women, youth, and farmers
• Making India a “Viksit Bharat” (Developed India) by 2047
• Focusing on “sabka sath, sabka vikas” (inclusive development)
• Prioritising “GDP” – Governance, Development, and Performance
• All-round, all-pervasive, and all-inclusive approach to development
Every year, a day before the presentation of the budget document, the central government presents an Economic Survey. However, a survey will not be presented on January 31, the budget being of an interim nature and in light of the upcoming elections. A complete budget and the Economic Survey will be presented in July, when the results are declared and a new cabinet is appointed. Chief Economic Adviser V Anantha Nageswaran outlines India’s potential to reach a $7 trillion economy by 2030 in the recently released mini-annual Economic Survey titled ‘The Indian Economy: A Review,’ .
The Monetary Policy Committee (MPC)—chaired by Reserve Bank of India (RBI) Governor Shaktikanta Das—decided unanimously to keep the repo rate unchanged at the existing 6.5 per cent at the end of its three-day, bi-monthly deliberations on October 6
Financial Stability Report (FSR), reflects the collective assessment of the Sub-Committee of the Financial Stability and Development Council (FSDC) on risks to financial stability and the resilience of the Indian financial system. RBI released the FSR on 28th June 2023
The six-member Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) on Thursday the 8th June 2023, kept the policy repo rate unchanged at 6.5 per cent in a unanimous decision. Governor Shaktikanta Das, while announcing the MPC decision, said that the central bank has retained the withdrawal-of-accommodation stance. This was second time in a row that the RBI opted for a pause in rate hike. The central bank has retained growth projection at 6.5 per cent for FY24, expects 8 per cent growth in Q1, 6.5 per cent in Q2, 6 per cent in Q3, while 5.7 per cent in Q4. “Domestic demand condition remains supportive of growth, while rural demand on revival path,” the governor said.
THE RESERVE Bank of India (RBI) announced the withdrawal of its highest value currency note, Rs 2,000, from circulation, adding that the notes will continue to be legal tender. It said the existing Rs 2,000 notes can be deposited or exchanged in banks until September 30, but set a limit of “Rs 20,000 at a time”.
The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) on Wednesday hiked the repo rate by 25 basis points to 6.50 per cent. Wednesday’s MPC meeting is the last one for this fiscal. The repo rate is the rate at which the RBI lends to the banks.