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ICICI Direct Report
Reserve Bank of India maintained its repo rate at 4.0%, reverse repo rate at 3.35% and marginal standing facility at 4.25% with Monetary Policy Committee members unanimously voting on status quo on rates.
They decided on a five to one majority to maintain an ‘accommodative’ stance as long as necessary to revive and sustain growth on a durable basis and continue to mitigate the impact of Covid-19 on the economy while ensuring inflation remains within the target, going forward.
As per the assessment, India is in a much better place today than at the last MPC meeting.
Growth impulses seem to be strengthening and derive comfort from the fact that the inflation trajectory is turning out to be more favorable than anticipated.
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