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RBI holds rates amid food inflation fears.

Date: 08-06-2024
Subject: RBI holds rates amid food inflation fears
The Reserve Bank of India (RBI) Friday maintained policy interest rates and its monetary stance for the eighth straight review meeting amid concerns of a likely spike in food prices, but cracks in Monetary Policy Committee widened with two of the six panel members favouring easier money.

It also raised the forecast of economic growth for the fiscal year to 7.2% from 7% earlier, arguing that state-initiated investments into capital assets will draw more private money into capacity building while consumption — the most durable pillar of economic expansion — becomes more broad-based. Equity indices surged after Mint Road raised FY25 growth estimates.

However, inflation remained a bother for  ..

Manufacturing Activity Continues to Gain Ground
The repo rate — or the rate at which the central bank lends to banks — will remain at 6.5% as four members voted for status quo. All other rates also remain where they were.

Meanwhile, the division in the MPC widened with external member Ashima Goyal joining JR Varma in voting in favour of a quarterpoint cut and a shift in the existing monetary stance of ‘focused on the withdrawal of accommodation’. A basis point is a hundredth of a percentage point.

Inflation may be retreating but the pace is not enough for the central bank to act just yet, said Das, referring to the elephant in a forest analogy. “You see the elephant, as usual, is walking very slowly, and inflation, you know (was at) 4.9%, then 4.8%, and before that it was around 5%,” said Das. “So, the elephant is walking very slowly. We are watchful and we would like the elephant to enter the forest and be there in the sense that we would like inflation to align itself with the target an ..

Governor Das tempered the expectations on monetary easing guidance after the European Central Bank cut policy rate for the first time since 2019, reiterating that Indian monetary policy is on its own path and doesn’t ‘follow the Fed’.

“There were signs of a more divided policy committee, with one additional member voting for a softening in stance as well as policy direction,” said Radhika Rao, economist at DBS Bank. “The mix of strong growth and above-target inflation does not make a cas ..

Financial markets were mixed with equity investors buoyed both by the enhanced growth forecast and formation of the next government by Narendra Modi. Bond investors were hesitant, awaiting fiscal numbers in the budget.

Stock markets rose after the policy statement, with the Sensex closing 2% higher at 76,693.36. Bonds, however fell, with the yield on the 10-year benchmark security rising 2 basis points to close at 7.02%.

 Source Name : Economic Times

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