Source: PIB, PTI, The Hindu, The Indian Express, DD News, Lok Sabha Channel, All India Radio
RBI MONETARY POLICY 2020
The Monetary Policy Committee (MPC) of the Reserve Bank of India kept the repo rate unchanged at four percent and decided to maintain its accommodative monetary policy stance to support growth amid the pandemic.
- RBI governor said India’s GDP would contract by 9.5 percent in the current fiscal due to the disruptions caused by the coronavirus pandemic.
- On inflation, the RBI expects a steady decline. CPI inflation is projected at 6.8 percent for Q2:2020-21, at 5.4-4.5 percent for H2:2020-21, and 4.3 percent for Q1:2021-22.
- The six-member MPC met this week following the induction of three new independent members, Shashanka Bhide, Ashima Goyal, and Jayanth R Varma.
- MPC is the statutory committee that fixes the key policy interest rate and monetary policy stance of the country as well as the inflation target.