The Monetary Policy Committee (MPC) of the Reserve Bank of India kept the repo rate unchanged at four per cent and decided to maintain its accommodative monetary policy stance to support growth amid the pandemic.
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RBI governor said India’s GDP would contract by 9.5 per cent in the current fiscal due to the disruptions caused by the coronavirus pandemic.
On inflation, the RBI expects a steady decline. CPI inflation is projected at 6.8 per cent for Q2:2020-21, at 5.4-4.5 per cent for H2:2020-21 and 4.3 per cent for Q1:2021-22.
The six-member MPC met this week following the induction of three new independent members, Shashanka Bhide, Ashima Goyal and Jayanth R Varma.
MPC is the statutory committee that fixes the key policy interest rate and monetary policy stance of the country as well as the inflation target.
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