RBI MPC Meeting August 2023. Full text of RBI Governor Shaktikanta Das' address

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repo rate is the rate of interest at which RBI lends to other banks. "As we celebrate India’s 77th Independence Day in a few days, I am happy to note that the Indian economy is exuding enhanced strength and stability despite the massive shocks to global economy in recent years. Our economy has continued to grow at a reasonable pace, becoming the fifth largest economy in the world and contributing around 15 per cent to global growth.

We have also made significant progress towards controlling inflation. Our banks remain healthiest in more than a decade with historically high levels of capital, declining levels of non-performing assets and rising profitability. Corporate balance sheets are robust, with lower leverage, improving debt servicing capacity and strong profitability.

Lower current account deficit and ample capital flows have imparted strength to our external sector. The resultant accretion to forex reserves has provided a buffer against external shocks. Overall, India’s strong macroeconomic fundamentals have laid the foundations for sustainable growth.

2. In a moment like this, we need to continue with our efforts to maintain macrofinancial stability while pushing our growth frontier further. India is uniquely placed to benefit from the ongoing transformational shifts in global economy in the wake of geopolitical realignments and technological innovations.

A large economy marching ahead with vast domestic demand, untapped resources and demographic advantages, India can become the new growth engine for the world. Decisions and Deliberation of the Monetary Policy Committee (MPC) 3. The Monetary Policy Committee (MPC) met on 8th, 9th and 10th August 2023.