‘India is contributing approx 15% to global growth,’ RBI Governor Shaktikanta Das

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RBI) governor Shaktikanta Das on Thursday said that India is contributing approx 15% to global growth. Das announce the third bi-monthly monetary policy for FY24 today. The three-day meeting of the six-member Monetary Policy Committee (MPC) of RBI was held from August 8 to 10.

Meanwhile, RBI decided to keep the policy rate unchanged for the third time in a row as it maintains heightened vigil on inflation. RBI Governor said, "Monetary Policy Committee decided unanimously to keep the Repo Rate unchanged at 6.50%" Announcing the bi-monthly monetary policy, RBI Governor Shaktikanta Das said the Monetary Policy Committee (MPC) unanimously decided to keep the rate unchanged at 6.5 per cent. Also Read: 'India's strong macroeconomic fundamentals drive 15% global growth': RBI Governor Typically, the RBI conducts six bi-monthly meetings within a financial year during which it makes determinations about interest rates, money supply, inflation prospects, and various macroeconomic indicators.

The ongoing three-day meeting marks the third of 2023-24, commencing on Tuesday. In the preceding meeting held in early June, the central bank's monetary policy committee unanimously chose to retain the repo rate at 6.5 per cent, aligning with the expectations of most analysts. In its April meeting as well, the RBI had refrained from altering the repo rate.

Excluding the pause that occurred in April, the RBI has incrementally increased the repo rate by a total of 250 basis points, reaching 6.5 per cent since May 2022, as part of its efforts to combat inflation, ANI reported. The act of raising interest rates serves as a monetary policy tool that traditionally curtails demand within the economy, thus aiding in the reduction of inflation. The