RBI June policy reactions By Mr Anand Varadarajan, Asit C Mehta Financial Services
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Below View On RBI June policy reactions by Mr Anand Varadarajan, Director, Acit C Mehta Financial Services Ltd
"The Reserve Bank of India has kept the repo rate unchanged at 6.5% in its policy meeting today. The status quo has been maintained for the second consecutive policy meeting which signifies that the rate hike cycle has probably come to an end.
FY24 growth forecast has also been retained at 6.5%. Even the inflation forecast for next year has been reduced to 5.1% from 5.2% in April 2023. The inflation forecast was reduced by 10 bps in April 2023. The focus remains on withdrawal of accommodation.
Approx. 50% of the Rs 2000 currency notes in circulation have come back from the system. The pause in the rate hike cycle augurs well as it would further help in arresting inflation, boosting investment and consumption sentiments. The lowering of the inflation projection signals towards a higher GDP growth and credit offtake.
This move is expected to be positive for the economy and markets in general and particularly for rate sensitive sectors like Banking & Finance, Auto, Consumer Durables, Real Estate, Infra, etc."
Above views are of the author and not of the website kindly read disclaimer
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