The Reserve Bank of India has issued a notification on the Monetary Policy Committee for the next fiscal. As per the notification, in FY2025, six MPC meetings will be held. The first meeting will be held in April 2024 and the last one in February 2025.
The schedule is:
- April 3-5, 2024
- June 5-7, 2024
- August 6-8, 2024
- October 7-9, 2024
- December 4-6, 2024
- February 5-7, 2025
The RBI’s MPC is responsible for fixing the benchmark interest rate, with meetings held at least four times a year, once each quarter. The first MPC meeting will be held from April 3 to April 5, 2024. The central bank has maintained a stable short-term lending rate of 6.5% for over a year. The benchmark interest rate was last increased in February 2023 to 6.5% from 6.25% to address inflation influenced by global factors.
Key highlights of the February MPC meeting:
> The RBI decided to keep the repo rate unchanged at 6.5%
> RBI forecast Indian economy to grow at 7 per cent in FY25.
> Forecast each of the quarters in FY25 to grow at 7.2%, 6.8%, 7% and 6.9% respectively.
> CPI Inflation projection for FY25 at 4.5%.
> RBI left its inflation forecast for this fiscal year unchanged at 5.4%.
> Real GDP growth rate for Q1FY25, Q2FY25 and Q3FY25 pegged at 6.7%t, 6.5% and 6.4% respectively.
