Swap rates are rising in India in a sign that traders expect the central bank to roll back monetary stimulus quicker than expected despite its reassurances.
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Will RBI cut rates? Shaktikanta Das to announce Monetary Policy Committee decision today
The Reserve Bank of India (RBI) on Friday left interest rates unchanged at 4 per cent. This is the fourth time in a row when the RBI has left the rate unchanged. Central bank to maintain accommodative monetary policy stance to support growth, keep inflation at targeted level, Governor Shaktikanta Das said.Â
It may be recalled that the committee kept the interest rates unchanged in its last three reviews, maintaining repo rate at four per cent and the reverse repo rate at 3.35 per cent. The RBI had last revised its policy rate on May 22 last year.Â
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RBI projects GDP growth rate of 10.5 per cent FY 2022
In line with the Union Budget, the Reserve Bank of India on Friday projected a GDP growth rate of 10.5 per cent for the financial year beginning April 1, on the back of recovery in economic activities.
With regard to inflation, RBI Governor Shaktikanta Das said vegetable prices are expected to remain soft in the near term as the central bank projected retail inflation rate to come down to 5.2 per cent in the current quarter and progressively decline to 4.3 per cent by the third quarter of the next fiscal.
He said the growth outlook has improved significantly and the vaccination drive will help the economic rebound. Das further said the economy will rebound to 10.5 per cent in the next financial year.
India Business News: RBI governor Shaktikanta Das on Monday said that the economic prospects have been scarred by the Covid-19 pandemic and the task ahead is to restore gr