Stressing that the share of food in the household budget is high in India, RBI Monetary Policy Committee (MPC) member Ashima Goyal said policy needs to focus on increasing agricultural productivity, since stable agricultural prices are important for non-inflationary growth.
Shashanka Bhide, a member of the RBI Monetary Policy Committee, suggests that India s economic growth of 7% in 2024-25 and beyond is feasible due to favorable monsoon, higher farm productivity, and improved global trade. He highlights concerns over slow global demand recovery and geopolitical conflicts impacting demand and input prices.
A recent RBI survey shows that consumer confidence in India has surged to its highest level since mid-2019. Respondents expressed optimism about the current economic situation and future expectations. The survey also highlighted bright prospects for investment activity, with capacity utilisation in the manufacturing sector on the rise. The RBI MPC has decided to keep the repo rate unchanged at 6.5 percent.
The Reserve Bank of India-led Monetary Policy Committee (MPC) has once again kept the policy repo rate unchanged at 6.5 per cent. As a mark of abundant caution, the monetary stance also continues to.