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RBI Hiked Repo Rate and Predicts GDP Growth For FY 2023-24!! Check Out Details…

RBI- Repo Rate

RBI Governor Shaktikanta Das said the Indian economy remains resilient. Real GDP growth for 2023-24 is projected at 6.4%, with Q1 at 7.8%, Q2 at 6.2%, Q3 at 6% and Q4 at 5.8%.

RBI Increases Repo Rate

The decision of increasing the repo rate by 25 bps was taken after the monetary policy committee took the decision with a majority of 4 members of 6 members. The repo rate has been increased to 6.50 percent after applying the changes.

Projected GDP Growth for FY 2023-24

Projected GDP Growth FY 2023-24

Q1 6.4%
Q2 7.8%
Q3 6.2%
Q4 5.8%
Previous changes in Repo Rate

The rates were last increased by the end of the year 2022. On Dec 2022, the repo rates were increased by 0.35 percent to 6.25 percent.

The Standing Deposit Facility rate will be revised to 6.25% and the Marginal Standing Facility rate and Bank Rate to 6.75%. The MPC also, by a majority of 4 out of 6, decided to focus on the return of housing to ensure that inflation remains within the target and continues to support growth.

Also Read: Adani Group Share Price Rises Again: #AdaniBackOnTrack Goes Trending on Twitter After the Comeback!!

Impact on Debt and Equity

Unless there is an unexpected spike in inflation, we would expect the Reserve Bank of India to keep the policy rate unchanged for the remainder of 2023. This will be positive for both debt and equity markets,” said Sujan Hazra, chief economist and executive director, Anand Rathi Share & Stock Brokers.

The stock prices also hiked to some extent after the increase in repo rate. Here are a few posts from social platforms that show how people reacted to the initiative:

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