The GDP growth target for Q1 FY25 was adjusted to 7.1% from the previous 7.2%, while for Q2 FY25, it was revised to 6.9%, up from the previous forecast of 6.8%. The growth rate for Q3 FY24 remains unchanged at 7%. For Q4FY25, the RBI revised the growth rate to 7% from the previous 6.9%.
The headwinds from protracted geopolitical tensions and increasing disruptions in trade routes, however, pose risks to the outlook, Reserve Bank Governor Shaktikanta Das said while unveiling the first bi-monthly monetary policy of the current fiscal.
RBI MPC Meeting: The Reserve Bank of India s rate-setting panel, known as the Monetary Policy Committee (MPC), is expected to keep the repo rate unchanged at 6.5 percent. Economists predict that there may be a change in stance from withdrawal of accommodation to neutral . According to an ET Poll of 12 economists, significant rate adjustments are not expected. However, some economists suggest that a fiscally prudent budget and global monetary easing could influence the central bank to adjust its stance on liquidity.
The MPCs growth-inflation forecasts put forth a merry growth story for India. Indias GDP is seen to clock a 7.0% growth, 0.5% higher than October forecasts. This upward revision comes in the backdrop of improved growth prospects that the MPC sees persisting through the next one-year
The Reserve Bank of India (RBI) has increased the transaction limit for Unified Payments Interface (UPI) payments to hospitals and educational institutions to Rs 5 lakh from Rs 1 lakh per transaction.
Gold loan borrowers can avail gold loans of up to Rs 4 lakh under bullet repayment option from certain urban co-operative banks, says RBI Governor Shaktikanta Das while announcing the decisions of the RBI Monetary Policy Committee on October 6, 2023. This move aims to make gold loans more flexible to certain borrowers who prefer bullet payment option to repay the loan. In the bullet repayment option, borrowers need to pay the entire principal and interest amount at the end of the loan tenure.