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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessPolicy To Stay “Disinflationary”, FY24 Growth Revised Up
The Reserve Bank of India outcome was as expected with a unanimous decision to keep the repo rate at 6.5%. Governor Das reiterated that the MPC remains focused on the “withdrawal of accommodation” and the vote was 5 to 6 on this stance. He continued to sound hawkish re inflation and was positive on growth with FY24 revised up and said that the central bank has to keep policy “disinflationary” and “stay the course on inflation”. There had been no need for OMO sales and the RBI will remain “nimble” in managing liquidity.
- FY24 growth was revised up 0.5pp to 7% as the net export drag moderates and domestic demand remains robust, especially capex, services and government spending. Household consumption is expected to pick up. GDP should moderate to 6.5% by Q2 FY25.
- While there has been a broad based easing in core price pressures, Das cited headline risks with it possibly rising in November/December. There is high uncertainty around food prices which will require close monitoring. The RBI remains “highly alert” and prepared to “take appropriate actions” if inflation is not moving in line with the 4% target.
- FY24 CPI forecast was unchanged at 5.4%
- It was noted that tighter monetary policy is still working its way through the economy.
- Uncertainties are high especially around the global growth outlook, due to geopolitical volatility.
- RBI was happy with INR stability and said it reflected the “economy’s resilience”.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.