RBI today hiked repo rate by 25 basis points to 6.5%, and projected GDP growth at 6.4% for 2023-24. RBI Governor said that Indian economy remains resilient.

Video: RBI

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The Reserve Bank of India (RBI) has raised the repo rate by 25 basis points to 6.5%, in a bid to curb inflation and support economic growth. This is the second consecutive rate hike by the central bank, after it raised the repo rate by 25 basis points in June.

The repo rate is the rate at which the RBI lends money to commercial banks. By raising the repo rate, the central bank is trying to control inflation, which has been on the rise in recent months. The repo rate hike is also expected to help the RBI to maintain economic stability.

At the same time, the RBI has also projected a GDP growth rate of 6.4% for the financial year 2023-24. This is slightly lower than the 6.7% growth rate projected by the central bank in its June policy review.

The central bank has also revised its inflation forecast for the next financial year to 4.4%, lower than the 4.8% projection made in June. The RBI believes that the inflation rate will remain within its target of 4%, with the help of prudent fiscal and monetary policies.

The RBI’s rate hike comes at a time when the economy is slowly recovering from the impact of the coronavirus pandemic. The central bank believes that the rate hike will help to support the recovery process.

The RBI has also taken several other measures to support the economy, such as providing liquidity support to banks and NBFCs, and easing lending norms for MSMEs. These measures are expected to help the economy recover from the pandemic-induced slowdown.

Overall, the RBI’s rate hike is expected to help control inflation and support economic growth. The central bank’s measures are also expected to help the economy recover from the pandemic-induced slowdown.