India’s growth outlook is supported by robust domestic engines: RBI
The global economy remained resilient in the first half of 2024, with declining inflation supporting household spending, it said in its October Bulletin.
The global economy remained resilient in the first half of 2024, with declining inflation supporting household spending, it said in its October Bulletin.
Reserve Bank of India (RBI) Governor Shaktikanta Das at the Monetary Policy Committee (MPC) meeting on Friday announced the policy rate unchanged at 6.5 per cent.
“The path-breaking structural reforms, such as the enactment of the Insolvency and Bankruptcy Code (IBC) and the adoption of Flexible Inflation Targeting in the recent years, have helped us to deal with the challenges in the banking system and the task of maintaining price stability more effectively,” he said.
In the throes of economic dynamism, India finds itself at the intersection of contrasting forces, with its annual retail inflation surging to a four-month high in December.
Intolerance of economic crimes is not unique to India; Bernard Madoff the mastermind of the largest known Ponzi scheme, worth an estimated $18 billion, was sentenced by a US court to 150 years in prison, making people wonder if financial fraud was worse than violent crimes like rape and murder.
The RBI Board had met via video conference on 14 August under the chairmanship of the central bank governor Shaktikanta Das.
Reserve Bank of India’s six-member Monetary Policy Committee decision to keep the repo rate unchanged at four per cent is a step in the right direction, especially when it is borne in mind that inflation is now on the rise.
Secretary, Hotel Association of India, Mr J K Mohanty said without such help from the RBI, the hotel industry in the country will collapse.
According to Union Information and Broadcasting Minister Prakash Javadekar, the move will give an assurance to 8.6 crore depositors in these banks that their money will stay safe.
The central bank releases monthly data on India's international trade in services with a lag of around 45 days.
