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June 8, 2023

Highlights of RBI’s monetary policy as of June 8, 2023:

Highlights of RBI’s monetary policy as of June 8, 2023:

RBI keeps Repo Rate unchanged at 6.50%. Policy stance is maintained at ‘withdrawal of accommodation while supporting growth’.

Headline inflation globally remains above targets.

Interplay between El-Nino & Geopolitical tensions poses upside risks to inflation.

Domestic CPI has declined to 4.7% in April. (Food: 4.2%, Core: 5.1%)

Recent Rabi harvest remains good. Forecast of normal monsoon augurs well for Khaif crop.

FY24 CPI is seen at 5.1% (earlier 5.2%) with Q1/2/3/4 CPI expected at 4.6%/5.2%/5.4%/5.2%.

Headline CPI inflation remains above the target of 4%.

Domestic macro-economic fundamentals are strengthening as witnessed in strong Q4FY23 GDP growth of 6.1%.

Capex cycle is likely to gain momentum.

Real GDP growth for FY24 is projected at 6.5% (same as earlier) with Q1/2/3/4 growth expected at 8.0%/6.5%/6.0%/5.7%.

Rupay prepaid currency cards under RBI monetary policy

Banks are permitted to dispense Rupay prepaid foreign currency cards by the Reserve Bank of India (RBI). Additionally, the RBI has made plans to increase the acceptance of e-rupee vouchers, enabling non-bank businesses to independently create comparable instruments.

The RBI would carefully monitor and handle new vulnerabilities to both price stability and financial stability, Governor Shaktikanta Das said.

Net FPI inflow in FY24 according to RBI’s monetary policy

The net inflow of foreign portfolio investments (FPI) for the fiscal year 2023–2024 as of June 6 is $8.4 billion, according to RBI Governor Shaktikanta Das. In contrast, the net FPI inflow in 2021–2022 was $14.1 billion and in 2022–2023 it was $5.9 billion.

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