Personal Finance

Highlights of RBI Governor Das’ address post MPC meet


  • Repo rate hiked by 50 bps
  • MPC voted unanimously to hike repo rate by 50 bps
  • SDF rate adjusts to 4.65%, MSF at 5.15%
  • MPC unanimously decided to focus on withdrawal of accommodation
  • Repo rate still remains at pre-pandemic level
  • Necessary to be sensitive to new realities
  • Our steps will be measured
  • Will remain proactive in mitigating geopolitical risks


  • Facing new challenges due to war in Europe
  • War has led to globalisation of inflation
  • Europe war to keep commodity prices elevated
  • Global stagflation concerns are growing
  • Emerging markets seeing depreciation of their currencies
  • Europe war dampening trade globally


  • Latest survey shows significant fall in inflation expectations
  • FY23 CPI inflation seen at 6.7%
  • Upside risks to inflation persist
  • Cut in VAT on petrol, diesel can lower inflation expectation
  • 75% rise in inflation expectations can be attributed to food
  • Apr-Jun CPI inflation seen at 7.5%
  • Jan-Mar CPI inflation seen at 5.8%
  • Jul-Sep CPI inflation seen at 7.4%
  • New inflation projection assumes a normal monsoon
  • Oct-Dec CPI inflation seen at 6.2%
  • Inflation has increased steeply beyond tolerance levels
  • Europe war causing food, fuel prices to stay elevated
  • Will remain focussed on bringing inflation closer to target
  • MPC noted inflation to remain above 6% till Oct-Dec
  • Upside risks to inflation in May materialised earlier
  • Fuel excise cut, other steps by government to help ease inflation
  • Further monetary policy measures needed to anchor inflation
  • Inflationary pressure remains broad-based led by supply shocks
  • MPC felt higher inflation could trigger inflation expectations
  • Inflationary pressures driven by supply shocks


  • Indian economy has remained resilient
  • Recovery gained momentum despite war, pandemic
  • Domestic activity picking up despite inflation pressure
  • Recovery in domestic economic activity remains firm
  • Available information shows domestic economic recovery firm
  • PMI for May points towards economic recovery
  • Urban demand recovering, rural demand gradually improving
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