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Imp. for IAS~IFoS Prelims Exam, CDS Exam and AC(CAPF) Exam
🖊 MPC kept the repo rate as well as reverse repo rate unchanged, respectively at 4 percent and 3.35 percent.
🖊 It continued with the ‘accommodative’ stance in the backdrop of high inflation.
🖊 Real GDP growth of 9.2 percent in Financial Year 2022 (FY 2022) will take economy above pre-pandemic level.
🖊 RBI projected GDP growth for Financial Year 2023 at 7.8 percent.
🖊 CPI inflation forecast for FY 2022 has been kept at 5.3 percent. It is expected to reach 4.00 percent target in second quarter of FY23
🖊 Current account deficit was below 2 percent of GDP in FY22.
What is Current account deficit?
✏ The current account measures the flow of goods, services, and investments into and out of the country.
✏ It represents a country’s foreign transactions and, like the capital account, is a component of a country’s Balance of Payments (BOP).
What is Monetary Policy Committee
✏ MPC is responsible for fixing benchmark interest rate in India.
✏ It held meetings at least 4 times in a year.
✏ The committee has six members:
✏ 3 officials of the RBI and
✏ 3 external members nominated by Government of India.
✏ Governor of RBI acts as the chairperson ex officio of MPC
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