RBI MPC Announcements Inflation Rate Forecasted At 6.7 Per Cent Shaktikanta Das Address Takeaways | NewsBust RBI MPC Announcements Inflation Rate Forecasted At 6.7 Per Cent Shaktikanta Das Address Takeaways | NewsBust

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RBI MPC Announcements Inflation Rate Forecasted At 6.7 Per Cent Shaktikanta Das Address Takeaways

By Amit - August 5, 2022

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Mumbai :

The Reserve Bank of India (RBI) has kept its retail inflation forecast for the current fiscal at 6.7 per cent amid geopolitical developments and higher commodity prices. However, the central bank expects that the increasing kharif sowing and improving supply chain will ease inflationary pressures going forward. In the last monetary review meeting in June, the Reserve Bank raised the inflation forecast to 6.7 per cent from 5.7 per cent.

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Reserve Bank Governor Shaktikanta Das said that inflation will remain above the satisfactory level of 6 per cent in the second and third quarters of the current financial year. The Reserve Bank has been given a target of keeping inflation at four percent (up or down two percent). Announcing the results of the Monetary Review meeting, Das said that while food and metal prices have come down from their recent highs, inflation remains uncertain due to geopolitical shocks.

He said that global crude oil prices have softened in recent weeks, but they are still high and they are volatile. There are supply side concerns amid weakening global demand outlook. Das said the inflation forecast for 2022-23 has been kept at 6.7 per cent, based on a normal monsoon in 2022 and India’s crude oil imports expected to average $105 per barrel. The Reserve Bank estimates that inflation will be 7.1 percent in the second quarter of the current financial year, 6.4 percent in the third quarter and 5.8 percent in the fourth quarter.

Das said the risks are equally balanced in the context of the inflationary outlook. The Reserve Bank estimates that retail inflation will come down to five percent in the first quarter of 2023-24.

What are the salient features of RBI’s monetary policy?

“Despite all the setbacks, the Indian economy remains stable”

Shaktikanta Das said that despite two unforeseen events and several setbacks with serious far-reaching implications, the country’s economy remains an ‘island’ of stability in the world. Das said, “Despite wide-ranging volatility and uncertainty, the Indian economy continues to be a ‘symbol’ of macroeconomic and financial stability in the world today. Das, however, did not specify what the two unexpected incidents were. In recent times, the coronavirus pandemic and the Russo-Ukraine war have affected the global economy on a large scale.

He also said that the country’s current account deficit will be manageable and the central bank has full capacity to bridge this gap.

(Except for the headline, this news has not been edited by the NewsBust India team, it has been published directly from the Syndicate feed.)

Amit

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