2nd Bi-Monthly Monetary Policy Statement Released: Repo Rate Reduced to 5.75%
The 2nd Bi-Monthly monetary policy statement has been released. On the basis of an assessment of the current and evolving macroeconomic situation, the Monetary Policy Committee (MPC) at its meeting decided to:
GDP growth plunged to a five-year low of 5.8% in the January-March quarter due to lackluster growth in agriculture, manufacturing, construction, trade, hotels and power sectors. This, in turn, pulled down the FY19 GDP growth rate to a five-year low of 6.8%. The next meeting of the MPC is scheduled during August 5 to 7, 2019.