The RBI maintained a cautious stance in 2024, prioritizing inflation control with unchanged rates they project lower inflation and steady growth, but remain watchful of global risks.
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The RBI held the repo rate, the key interest rate, steady at 6.5% for the seventh consecutive time in April 2024.
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The policy stance remains focused on "withdrawal of accommodation," prioritizing bringing down inflation.
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The RBI forecasts retail inflation to settle at 4.5% for the financial year 2024-25.
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The Indian economy is expected to grow 7% in FY25, maintaining the previous projection.
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The RBI acknowledges challenges in achieving the final leg of inflation reduction and remains vigilant.
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Strengthening rural demand and improving employment conditions are seen as positive signs for consumer spending.
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The RBI will monitor global developments like US Federal Reserve actions & geopolitical situations that could influence future decisions.