The Following are the highlights of the RBI's monetary policy statement 2021-22.
IMAGE: RBI governor Shaktikanta Das addresses the media, February 10, 2022. Photograph: ANI on Twitter.
- Benchmark lending rate kept unchanged 10th time in a row at 4 pc, reverse repo rate at 3.35 pc
- Projects GDP growth at 7.8 pc for next fiscal, against 9.2 pc this fiscal
- India charting different course of recovery than rest of the world; to be fastest growing economy
- RBI to continue with accommodative stance to revive and sustain growth; pandemic hold global economy hostage
- Retail inflation projected at 5.3 pc for current fiscal, 4.5 pc in FY23
- Inflation to peak in the current quarter within tolerance band, moderating in the second half of next fiscal
- Hardening global crude oil prices present upside risk to inflation
- Indian rupee showed resilience in the face of global spillovers
- Current account deficit to be below 2 pc of GDP in current fiscal
- Overall system liquidity remains in large surplus
- RBI would continue to insulate domestic economy from global spillovers
- RBI extends by 3 months on-tap liquidity facility of Rs 50,000 crore for healthcare, contact intensive sector
- E RUPI digital voucher cap raised from Rs 10,000 to Rs 1 lakh and multiple-use permitted
The next meeting of the Monetary Policy Committee (MPC) is scheduled during April 6-8.