New Delhi: The Reserve Bank of India today kept the repo rate steady, maintaining the key benchmark interest rate at 6.5 percent, adding that it wouldn’t hesitate to act in the future if the situation warranted.
The central bank has raised rates by 250 basis points since May last year.
RBI Governor Shaktikanta Das said the central bank’s policy stance remains focused on “withdrawal of accommodation”, signalling it could consider further rate hikes if necessary. The pause in rate hikes is “for this meeting only”, Shaktikanta Das said.
Real Gross Domestic Product (GDP) growth for 2023-24 is projected at 6.5% with 1st Quarter (Q1) at 7.8%, Q2 at 6.2%, Q3 at 6.1% and Q4 at 5.9%, the RBI governor stated adding that economic activity remains resilient and headline Inflation is projected to moderate in Financial Year(FY) 2023-24.