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The Reserve Bank of India (RBI) projected a real GDP growth of 7.2% for FY 2024-25, driven by strong domestic economic activity. The repo rate remains unchanged at 6.50% to maintain price stability while supporting growth. CPI inflation edged up to 5.1% in June 2024, primarily due to food inflation, though fuel remained in deflation. The financial system is resilient, with improvements in the NBFC sector and Urban Cooperative Banks. The current account deficit moderated to 0.7% of GDP in 2023-24. The RBI proposed measures to enhance the digital lending ecosystem and ease tax payments and cheque clearing through UPI enhancements.
|
Aspect |
Details |
|
Real GDP
Growth Projection |
7.2% for FY
2024-25 |
|
Repo Rate |
Unchanged at
6.50% |
|
Inflation |
CPI inflation
at 5.1% in June 2024, driven by food inflation |
|
Financial
Stability |
Resilient
financial system, strong NBFC sector and Urban Cooperative Banks |
|
Current
Account Deficit (CAD) |
Moderated to
0.7% of GDP in 2023-24 from 2.0% in 2022-23 |
|
Digital
Lending Apps |
Proposal to
create a public repository for digital lending apps |
|
UPI
Enhancements |
Increased tax
payment limit to Rs 5 lakh; Introduction of 'Delegated Payments' |
|
Cheque
Clearing |
Proposal to
reduce clearing cycle with 'on-realisation-settlement' |
References: RBI Monetary Policy Full text: From repo rate, inflation to hike in UPI limit - Here's what Governor Shaktikanta Das said | Economy News, ET Now (etnownews.com)