Quick Summary
As we celebrate Indias 77th Independence Day in a few days, I am happy to note that the Indian economy is exuding enhanced strength and stability despite the massive shocks to global economy in recent years. Our economy has continued to grow at a reasonable pace, becoming the fifth largest economy in the world1 and contributing around 15 per cent to global growth. We have also made significant progress towards controlling inflation. Our banks remain healthiest in more than a decade with historic
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FAQ :
The Monetary Policy Committee decided to keep the policy repo rate unchanged at 6.50%.
The Indian economy is showing enhanced strength and stability, continuing to grow at a reasonable pace and contributing significantly to global growth, despite global economic shocks.
The MPC decided by a majority of 5 out of 6 members to remain focused on withdrawal of accommodation to ensure that inflation progressively aligns with the target, while supporting growth.
India's banks are in their healthiest state in over a decade, with historically high capital levels, declining non-performing assets, and rising profitability.
Real GDP growth for 2023-24 is projected at 6.5%, with specific quarterly projections provided.
An incremental cash reserve ratio (I-CRR) of 10% has been implemented temporarily to absorb surplus liquidity, with a review scheduled for September 8, 2023.
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