Govt Enforces ‘Melt and Pour’ Rule for All Steel in Public Projects Nippon Steel expected to finalize U.S. Steel acquisition at $55 per share NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
The Reserve Bank of India on Thursday decided to keep the policy rate unchanged for the sixth time in a row as it maintains a tight vigil on inflation.
The rate increase cycle was paused in April last year after six consecutive rate hikes aggregating to 250 basis points since May 2022.
Announcing the bi-monthly monetary policy, RBI Governor Shaktikanta Das on Thursday said the Monetary Policy Committee (MPC) has decided to keep the repo rate unchanged at 6.5%.
The RBI MPC has also decided to keep its stance of "withdrawal of accommodation" unchanged with a majority of 5-1.
The RBI MPC decision comes at a time when the inflation rate in India has been below 6% for four months since September 2023. However, it has not yet reached the target of 4%. In December 2023, the retail inflation rate was 5.69%.
The inflation had fallen to 4.87% in October last year but rose to 5.55% in November.
The FY25 GDP growth is seen at 7%, the RBI Governor said. He shared the following quarter-wise breakdown:
-April-June 2024 GDP growth forecast raised to 7.2% from 6.7%.
-July-September 2024 GDP growth forecast raised to 6.8% from 6.5%.
-October-December 2024 GDP growth forecast raised to 7.0% from 6.4%.
-January-March 2025 GDP growth forecast pegged at 6.9%.
FY25 CPI inflation forecast retained at 4.5%, Das added.
"Let me reiterate that our policy stance of withdrawal of accommodation should be seen in the context of incomplete rate transmission and inflation remaining above the 4% target," the RBI Governor pointed out.
Also Read : India's steel ministry holds off higher import taxes amidst surging overseas supplies Budget 2024 forecasts no increase in income tax rebates: Finance ministry official
· Govt reportedly evaluating merger of SAIL, NMDC with debt-laden RINL. · ...
Announcement 07-Apr-2025
A parliamentary panel has suggested that the Indian government should seek a three-year deferment on...
Taxation 08-Feb-2024
Recognised as a Maharatna CPSE under the Ministry of Power, REC Limited has signed agreements worth...
Press Releases 15-Feb-2024
The Government of India has developed guidelines for undertaking pilot projects for using Green Hydr...
Press Releases 15-Feb-2024
A senior official from the finance ministry has indicated that the imminent Union Budget, set for re...
Taxation 11-Jan-2024
Prime Minister Narendra Modi is scheduled to launch a ₹400-crore permanent campus of IIM Sambalpur,...
Announcement 02-Feb-2024