Highlights of RBI monetary policy

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..... Highlights of RBI monetary policy - News and Press Release Dated:- 5-8-2022 - News - Mumbai, Aug 5 (PTI) Following are the highlights of the RBI's fourth monetary policy review of fiscal year 2022-23 announced by Governor Shaktikanta Das: * Key short-term lending rate (repo) raised by 50 basis points (bps) to 5.4 per cent; third consecutive hike * In all, 140 bps hike in repo since M .....

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..... ay 2022 to check inflation * GDP growth projection for 2022-23 retained at 7.2 per cent (pc). * GDP growth projection: Q1 at 16.2 pc; Q2 at 6.2 pc; Q3 at 4.1 pc; and Q4 at 4 pc * Real GDP growth for Q1:2023-24 projected at 6.7 per cent * Domestic economic activity exhibiting signs of broadening * Retail inflation projection too retained at 6.7 pc for 2022-23 * Inflation projectio .....

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..... n: Q2 at 7.1 pc; Q3 at 6.4 pc; and Q4 at 5.8 pc; Q1:2023-24 at 5 pc * India witnessed large portfolio outflows of USD 13.3 billion in FY23 up to August 3 * Financial sector well capitalised and sound * India's foreign exchange reserves provide insurance against global spillovers * Monetary Policy Committee decides to remain focused on withdrawal of accommodative stance to check inf .....

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..... lation * Depreciation of rupee more on account of appreciation of US dollar rather than weakness in macroeconomic fundamentals of the Indian economy * RBI to remain watchful and focused on maintaining stability of rupee * Rupee depreciated by 4.7 pc against US dollar this fiscal year till August 4 * India's foreign exchange reserves remain fourth largest globally * Mechanism to .....

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..... be activated to allow NRIs to use Bharat Bill Payment System for payments of utility and education on behalf of their families in India * Next meeting of rate-setting panel scheduled for September 28-30, 2022 - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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