Financial News: India Keeps Key Interest Rates Unchanged As Expected

India Keeps Key Interest Rates Unchanged As Expected

06/07/2024 - 02:41:00 (RTTNews)

(RTTNews) - India's central bank left its benchmark rates unchanged for the eighth straight session, as widely expected, on Friday.

The Monetary Policy Committee of the Reserve Bank of India led by Governor Shaktikanta Das, voted 4-2 to keep the policy repo rate at 6.50 percent.

The MPC also decided to remain focused on withdrawal of accommodation to ensure that inflation progressively aligns to the target, while supporting growth.

The central bank raised its growth outlook for 2024-25 to 7.2 percent from 7.0 percent.

"When the projected GDP growth of 7.2 per cent for 2024-25 materialises, it will be the fourth consecutive year with growth at or above 7 per cent," Das said.

The governor said headline consumer price index continues to be on a disinflationary trajectory. However, repeated food price shocks slowed down the overall disinflation process.

The projection for CPI inflation for 2024-25 was maintained at 4.5 percent.

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