The committee’s objective is to strike a balance, aiming to achieve the targeted inflation rate while considering the broader goals of economic growth.
New Delhi: Reserve Bank of India (RBI) Monetary Policy Committee (MPC) meeting is set to start today, December 6, 2023. The meeting will be concluded on December 8, 2023. Led by RBI Governor Shaktikanta Das, the committee will undertake deliberations to unveil its decision on the morning of December 8.
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Objectives
At the heart of the discussions lies the MPC’s pivotal responsibility — determining the policy repo rate. The committee’s objective is to strike a balance, aiming to achieve the targeted inflation rate while considering the broader goals of economic growth.
Composition Of The MPC
Comprising both external experts and RBI officials, the MPC includes RBI Executive Director Rajiv Ranjan, Deputy Governor Michael Debabrata Patra, and the esteemed Governor Das. External members Shashanka Bhide, Ashima Goyal, and Jayanth R Varma contribute their expertise to the committee.
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Event Details – Date, And Time
The three-day meeting commenced on December 6, with the much-anticipated outcome scheduled for disclosure on December 8. Governor Das will share the MPC decision around 10 am on December 8, followed by a post-policy press conference at noon.
Anticipated Agendas
Experts weigh in, suggesting that the central bank is likely to maintain the status quo on short-term interest rates during this week’s MPC review. The rationale behind this expectation stems from India’s inflation comfortably residing within acceptable levels, coupled with a momentum of accelerated economic growth.
The RBI has maintained the benchmark policy rate (repo) consistently over the past four bi-monthly monetary policies. The last adjustment occurred in February 2023, marking an increase of 6.5 percent.
This adjustment concluded a series of interest rate hikes initiated in May 2022, responding to the global supply chain disruptions following the Russia-Ukraine conflict, which contributed to heightened inflation within the country.
