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RBI Monetary Policy Committee Live: Monetary policy meeting today, RBI ready to raise rates

RBI’s Monetary Policy: RBI is expected to increase its key lending rate by 35 basis points today.

New Delhi:

The Reserve Bank of India (RBI) is widely seen today raising its key lending rate by 35 basis points as inflation remains above its tolerance band, but markets will look to its outlook on growth and prices for direction .

A strong two-thirds majority in a Reuters poll said it was still too early for the central bank to keep an eye on inflation, which had slowed to 6.77% in October but remained above the upper end of the RBI’s 2-6% tolerance band. doing. All year

Here are the live updates of the Monetary Policy Committee (MPC) meeting of the Reserve Bank of India:

get ndtv updatesturn on notifications Get alerts as this story develops,

35 basis points hike from RBI’s MPC meeting seems “imminent”: report

The Reserve Bank of India is likely to hike rates by small amounts in its policy meeting, SBI Research said in its latest Ecowrap report, adding that a 35 basis points hike in the repo rate looks “imminent” and is the “new normal”. Yes. Read here.

The World Bank revised its GDP growth forecast for India to 6.9 per cent for 2022-23, saying the economy was showing high resilience to global shocks.

In its India Development Update, the World Bank said the revision was due to the higher resilience of the Indian economy to global shocks and better-than-expected second quarter numbers.

World Bank senior economist Dhruv Sharma on Tuesday said the Indian rupee has done relatively well in 2022 compared to other emerging market peers. Read here

The World Bank in its India Development Update on Tuesday said the central government is on track to meet the fiscal deficit target of 6.4 per cent of GDP for 2022-23.

Higher nominal GDP growth in the first quarter supported strong growth in revenue collections, especially the Goods and Services Tax (GST), despite tax cuts on fuel. Read here

The World Bank on Tuesday said it expects inflation to remain at 7.1 per cent in the current fiscal and added that fall in commodity prices could ease inflationary pressures.

India’s October inflation eased to 6.77 per cent from 7.41 per cent in the previous month, mainly due to lower prices in the food basket, although it remained above the Reserve Bank’s comfort level for the 10th straight month. Read here

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India’s industrial production grew by 3.1% in September

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