Governor’s Statement: October 6, 2023

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Date: 6th Oct, 2023 Source: Reserve Bank of India Country: India Original Source

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The Reserve Bank of India maintained its policy repo rate at 6.50% due to concerns about inflation, citing uncertainties surrounding food and global prices. The economy is showing resilience, with strong domestic demand, agricultural activity, and services sector growth, but the Bank is cautious about risks from geopolitical tensions, global market volatility, and uneven monsoon. The country has seen a turnaround in foreign exchange reserves, with inflows of $4.5 billion from April to August, and the Bank is confident in meeting external financing requirements comfortably.

Kautilya in his Arthashastra more than two thousand years ago, had said: “stability enables a state not only to share its wealth equitably but also augment it”.1 These words are relevant even today. In fact, they have eternal validity. Macroeconomic stability and inclusive growth are the fundamental principles underlying a country’s progress. The policy mix

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Governor’s Statement: October 6, 2023

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Governor’s Statement: October 6, 2023

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