The Reserve Bank of India on Wednesday hiked its benchmark lending rate for the fifth time since May, saying that the economy was “resilient” but inflation was still too high.
The Indian central bank’s Monetary Policy Committee decided by a majority of five out of its six members to increase the policy repo rate by 35 basis points to 6.25bp, with immediate effect.
“On balance, the MPC was of the view that further calibrated monetary policy action is warranted to keep inflation expectations anchored, break core inflation persistence, and contain second-round effects,” RBI Governor Shaktikanta Das said, reading out a statement on the MPC’s decision. “These actions will strengthen the medium-term growth prospects of the Indian economy.”
Wednesday’s rate hike came as India continues to outperform most other large world economies, but inflation remains above the RBI’s targeted upper limit of 6 per cent because of rising global food, energy, and commodity prices.
Das said that India’s economy was drawing strength from its macroeconomic fundamentals, and that the “financial system remains robust and stable”.
“India is widely seen as a bright spot in an otherwise gloomy world,” he said. “Yet our inflation remains elevated. As in most parts of the world, global spillovers continue to impart volatility and uncertainty.”
Das said that headline inflation for the 2022-2023 fiscal year was projected at 6.7 per cent.
The World Bank this week raised its growth forecast for India to 6.9 per cent for the current fiscal year, up from 6.5 per cent before, saying it was better positioned to navigate the global slowdown, in part because its large domestic market left it relatively less exposed to international trade flows.
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2022-12-07 07:21:29Z
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