PR No – 135
8th August, 2024
New Delhi
RBI Policy status quo welcome, expecting rate cut in the coming times: PHDCCI
The status quo stance of the monetary policy, amidst continuing geopolitical crises and strong domestic macroeconomic fundamentals is welcome, said Shri Sanjeev Agrawal, President, PHD Chamber of Commerce and Industry in a press statement issued here today.
It is highly appreciable that for the ninth consecutive time the RBI’s MPC has resolved to maintain the repo rate unchanged at 6.5%, maintaining a status quo, said Shri Sanjeev Agrawal, President.
We expect inflation trajectory to stabilize within 4-4.5% by December 2024 and softening of the policy stance of the monetary policy, said Shri Sanjeev Agrawal.
This decision will be favourable for sustained high growth of GDP, while ensuring continuous price stability, says industry body PHDCCI.
The projection of retail inflation at 4.5% during FY25 assuming normal monsoon and real GDP at 7.2% for FY25 is in line with industry expectations, said Mr Agrawal.
It is motivating that the Indian rupee remained largely range bound, which will aid the financial markets to remain stable, supported by healthy balance sheets of banks and private corporates, propelling capex by government and private investments, said Mr Agrawal.
We appreciate that the RBI is vigilant to prevent spillovers from persisting food inflation and preserve the gains made so far in monetary policy credibility, said Mr Agrawal, President, PHDCCI.
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Warm Regards,
Media Division
PHD Chamber of Commerce and Industry