Last Updated: April 05, 2024, 06:04 IST
RBI MPC April 2024 Meeting LIVE: RBI Governor Shaktikanta Das will today, April 5, present the latest monetary policy statement at 10 am. In the first bimonthly monetary policy of 2024-25, Das is expected to keep the repo rate unchanged at 6.5 per cent for the seventh time in a row. After the policy announcement, the RBI governor will also address a press conference at 12:00 pm on Friday.
The 6-member RBI MPC’s 3-day meeting, which started on April 3, will conclude today, following which the RBI governor will present the statement.
The central bank last changed rates in February 2023, when the policy rate was hiked to 6.5 per cent.
Apart from announcing MPC’s decision on the repo rate, reverse repo rate and other policy rates, Das will also discuss the current domestic as well as global economic situation.
India’s economy grew a stellar 8.4 per cent in the fourth quarter of 2023, the fastest among major economies while retail prices in February rose at a faster-than-expected pace of 5.09 per cent due to elevated food prices, staying above the RBI’s 4 per cent target.
In February, one of six monetary policy committee members voted for a cut in policy rates arguing that real rates in India are too high since inflation is seen easing to an average of 4.5% in 2024-25.
Headline inflation in India has remained above the central bank’s target, core inflation has fallen below 4%, which some say may allow the central bank to signal policy easing ahead.
The current monetary policy stance is ‘withdrawal of accommodation’, signalling that monetary policy will likely remain tight.