Mpc

India's economic growth appears to be 'very fragile' and it may fall short of what the country needs to meet the aspirations of its growing workforce, RBI Monetary Policy Committee (MPC) member Jayanth R Varma said on Sunday.

Two of the three external members on the Reserve Bank Monetary Policy Committee (MPC) were not in favour of raising the key interest rate this month with one of them saying it was "not warranted" as inflationary expectations were diminishing

The RBI has proposed permitting all inbound travellers to use the unified payments interface (UPI) for merchant payments in India, RBI Governor Shaktikanta Das said on Wednesday. UPI payments for inbound passengers will be extended to travellers from G20 countries arriving at select international airports, he added.

Shaktikanta Das said services exports rose 24.9 per cent year-on-year in the third quarter of 2022-23, driven by software, business and travel services.

RBI said that its policy stance remains focused on withdrawal of accomodation.

RBI Monetary Policy Committee (MPC) Member Ashima Goyal said expenditure must be counter-cyclical and the mistake made in the 2000s, when expenditure rose with tax revenues, should be avoided.

The Governor said that in a tightening cycle, especially in a world of high uncertainty, giving out explicit forward guidance on the future path of monetary policy would be counterproductive.

While the central bank does not target real rates, most analysts expect it to try keeping the inflation-adjusted rate at close to 1% to support growth.

The said provisions of the RBI Act, 1934, and regulations therein do not provide for making the report public, Minister of State for Finance Pankaj Chaudhary said in a written reply.

RBI, however, retained its 6.7 per cent average retail inflation forecast for the current fiscal.

Shaktikanta Das said that from a growth perspective, India stands out as an isle of resilience in a "gloomy world" which is staring at slowing growth with possibilities of recession in some countries.

RBI: The monetary policy committee raised the key lending rate or repo rate to 6.25%.

"Through this episode of US dollar appreciation, the rupee's movements have been the least disruptive, relative to peers," the RBI Governor said.

India's banking system liquidity has slipped into deficit in October, but improved in recent weeks amid heavy government spending, traders have said.

Rupee Today: The rupee trades only a touch weaker ahead of the RBI's policy decision on Wednesday as oil prices tumbled on demand concerns.

India's economic growth appears to be 'very fragile' and it may fall short of what the country needs to meet the aspirations of its growing workforce, RBI Monetary Policy Committee (MPC) member Jayanth R Varma said on Sunday.

Two of the three external members on the Reserve Bank Monetary Policy Committee (MPC) were not in favour of raising the key interest rate this month with one of them saying it was "not warranted" as inflationary expectations were diminishing

The RBI has proposed permitting all inbound travellers to use the unified payments interface (UPI) for merchant payments in India, RBI Governor Shaktikanta Das said on Wednesday. UPI payments for inbound passengers will be extended to travellers from G20 countries arriving at select international airports, he added.

Shaktikanta Das said services exports rose 24.9 per cent year-on-year in the third quarter of 2022-23, driven by software, business and travel services.

RBI said that its policy stance remains focused on withdrawal of accomodation.

RBI Monetary Policy Committee (MPC) Member Ashima Goyal said expenditure must be counter-cyclical and the mistake made in the 2000s, when expenditure rose with tax revenues, should be avoided.

The Governor said that in a tightening cycle, especially in a world of high uncertainty, giving out explicit forward guidance on the future path of monetary policy would be counterproductive.

While the central bank does not target real rates, most analysts expect it to try keeping the inflation-adjusted rate at close to 1% to support growth.

The said provisions of the RBI Act, 1934, and regulations therein do not provide for making the report public, Minister of State for Finance Pankaj Chaudhary said in a written reply.

RBI, however, retained its 6.7 per cent average retail inflation forecast for the current fiscal.

Shaktikanta Das said that from a growth perspective, India stands out as an isle of resilience in a "gloomy world" which is staring at slowing growth with possibilities of recession in some countries.

RBI: The monetary policy committee raised the key lending rate or repo rate to 6.25%.

"Through this episode of US dollar appreciation, the rupee's movements have been the least disruptive, relative to peers," the RBI Governor said.

India's banking system liquidity has slipped into deficit in October, but improved in recent weeks amid heavy government spending, traders have said.

Rupee Today: The rupee trades only a touch weaker ahead of the RBI's policy decision on Wednesday as oil prices tumbled on demand concerns.