Highlights of RBI's monetary policy statement
Following are the highlights of RBI's monetary policy statement: * Hikes benchmark lending rate by 25 basis points to 6.50 per cent * Projects 6.4 pc economic growth for 2023-24, lower than 7 pc this fiscal * Inflation to come down to 5.3 pc in 2023-24, from average of 6.5 pc this fiscal * Inflation outlook clouded by protracted geopolitical tensions, rising commodity prices * Indian economy resilient; higher rabi acreage, robust credit expansion, thrust on capex in Budget 2023-24 to support growth * Current account deficit to moderate in Oct-March, from 3.3 pc in April-Sept this fiscal * Foreign exchange reserves at USD 576.8 billion as on January 27, 2023, covers 9.4 months of projected imports for 2022-23 * Indian Rupee remained one of the least volatile currencies among its Asian peers in 2022 and this year * All inbound travellers to India will be allowed to use UPI for their merchant payments * Pilot for QR Code based Coin Vending Machine (QCVM) to be launched in 12 cities * Next meeting of the monetary policy committee scheduled for April 3-6.
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