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FICCI expects impact of monetary policy interventions to pave way for reversal of rate hike cycle in due course

Commenting on the latest monetary policy announcement by RBI Governor, Mr Subhrakant Panda, President, FICCI said, “The Indian economy continues to display resilience and growth potential in a challenging global environment. The Governor’s objective assessment of the economy shows that growth momentum will continue in 2023-24 despite headwinds; there is also a clear moderation in the inflation trajectory, although risks remain on account of uncertainty posed by El Niño and geopolitical developments. A status quo in policy rates was largely expected and, by keeping the repo rate unchanged and maintaining the stance of withdrawal of accommodation, RBI is keeping a watchful eye on inflation while supporting growth. FICCI expects the impact of monetary policy interventions till date to pave the way for reversal of the rate hike cycle in due course.”

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