The apex bank’s Governor states that the next course of action has to be taken very carefully
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The report states that the apex bank is unlikely to go for a rate cut in December as inflation is showing an upward trend.
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The chamber has agreed with an optimistic assessment of the central bank with regard to projected overall gross domestic product (GDP) growth of 7.2 per cent for fiscal 2024-25
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Despite inflation falling below the apex bank's target of 4 per cent for the past two months, the policy rates will not change in the MPC meeting commencing on 7 October, as per BoB report
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Food inflation remains the biggest headache for the apex bank as it slows the process of disinflation. With a weight of around 46 per cent in the CPI basket, the food inflation contributed to more than 75 per cent of the headline inflation in May and June
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Industry leaders have expressed optimism for the economic growth, Anish Shah, President of the Federation of Indian Chambers of Commerce and Industry (FICCI) praised the RBI's revised outlook.
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The decision comes amidst a backdrop of economic uncertainties both domestically and globally
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