In the first monetary policy of the new financial year, the RBI has kept the repo rate, or the key lending rate, unchanged. “The Monetary Policy Committee voted unanimously to leave the repo rate unchanged at 4 per cent. The MPC also voted unanimously to keep stance accommodative,” RBI governor Shaktikanta Das said in a video address. The real GDP growth for 2022-23 has been projected at 7.2 per cent, he added.

India has kept its key interest rates unchanged for nearly two years now. The repo rate remains unchanged at 4 per cent for the 11th time, while the reverse repo rate – or the borrowing rate – remains unchanged at 3.35 per cent.
“Now, two years later, as we were emerging out of the pandemic situation, the global economy has seen tectonic shifts beginning February 24 with the war in Europe, followed by sanctions and escalating geopolitical tensions,” Das underlined.

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“Caught in the cross-currents of multiple headwinds, our approach needs to be cautious but proactive in mitigating the adverse impact on India’s growth, inflation and financial conditions,” he added.