As expected, the Reserve Bank of India's monetary policy committee (MPC) on April 5 left the key repo rate unchanged at 6.5 percent for the seventh time in a row. The central bank is focused on bringing inflation down, said Governor Shaktikanta Das in his speech. In its first meeting of the new fiscal year (FY25), the rate-setting panel left the policy stance unchanged for the seventh consecutive time.
Das also announced that there will be no changes in the GDP growth forecast of 7 percent for FY25. On the inflation front, RBI MPC sees it moderating to 4.5 percent in FY25.
The market response to the policy was muted as investors shifted focus to global developments like the evolving likelihood of a US Federal Reserve rate cut in June and fluctuations in commodity prices.
"Despite this volatility, the Indian market appears to be holding its ground, possibly in anticipation of a pre-election rally," said Santosh Meena, Head of Research at Swastika Investmart. Read more:
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