India Keeps Interest Rates Unchanged

(RTTNews) - India's central bank decided to leave its benchmark interest rates unchanged on Thursday.

The Monetary Policy Committee of the Reserve Bank of India, headed by Governor Shaktikanta Das, voted 5-1 to hold the repo rate at 6.50 percent.

The RBI has lifted the key rate by 250 basis points since May 2022 to put a lid on inflation.

The MPC also voted 5-1 to remain focused on withdrawal of accommodation.

The governor projected headline consumer price inflation to be 5.4 percent in the current fiscal year. For 2024-25, inflation is seen at 4.5 percent.

The banker said the economy is set to expand 7.3 percent in 2023-24 and 7.0 percent in 2024-25.