RBI Keeps Repo and Reverse rate unchanged, accommodative stance to continue
Reverse repo rate will also remain unchanged at 3.35 percent. He said, recent reductions in Excise Duty & State VAT on petrol and diesel should support consumption demand by increasing purchasing power.
While expressing satisfaction about the momentum to the economy, Mr Das said, government consumption is also picking up from August, providing support to aggregate demand. He said that the projection for real Gross Domestic Product (GDP) growth is retained at 9.5 percent in 2021-22, consisting of 6.6 percent in the third quarter and six percent in the fourth quarter. He pointed out that the real GDP growth is projected at 17.2 percent for Q1 of 2022-23 and at 7.8 percent for Q2 of 2022-23.
The Consumer Price Index (CPI) inflation is projected at 5.3 percent in 2021-22, which consists of 5.1per cent in Q3, and 5.7 percent in Q4 with risk broadly balanced. Mr Das also informed that RBI is planning to launch Unified Payment Interface (UPI)-based payment products for feature phone users.