Bhoomika Singh
As predicted by economists, the Reserve Bank of India’s Monetary Policy Committee (MPC) did not change the repo rate from 6.50 per cent.
Here is how experts are reacting on the big news:
Speaking on MPCs decision, the President, of PHD Chamber of Commerce and Industry, Saket Dalmia said, “The status quo on the repo rate by the RBI will boost economic activity and strengthen growth with enhanced consumption demand.
He further added, We are happy to note that our economy contributes 15 per cent to global growth. As recent months’ escalation in CPI inflation is majorly due to supply-side disturbances, the inflation trajectory is expected to become benign in the next few months. The significant fall in WPI inflation at (-)4.1 per cent is indicative of softening retail prices in the coming times.
“Going ahead, efforts to stabilize prices of perishables with more and more focus on cold storage facilities and strong Agri markets intelligence will be crucial to address retail inflation trajectory. We look forward to the continuous hand-holding by the Government and RBI to maintain economic growth and address inflationary pressures,” said Dalmia.
RBI today, in its Monetary Policy announcement, proposed, to enable “Conversational Payments” on UPI and introduce offline payments through ‘UPI-Lite’ on-device wallet. Reacting to which, CEO & Co-Founder of Cashfree Payments, Akash Sinha told, In a broader context, the Central Bank’s concerted efforts to enhance the adoption and effectiveness of digital payments are fostering a robust and competitive environment for all stakeholders involved.”
“Moreover, the ingenuity and progress achieved in India’s digital payments landscape are poised to strengthen our global standing, particularly concerning UPI and digital payments. This collective advancement is set to elevate India’s stature on the global stage, underscoring our nation’s prowess and leadership in the realm of innovative payment solutions,” he added.
Further, speaking on the RBI move, Founder and CEO at PropertyPistol.com., Ashish Narain Agarwal says, “The availability of attractively priced home loans will catalyze growth across luxury, mid-income, and affordable housing segments. As we approach the upcoming festive season, a pivotal period for the industry, the trajectory of growth remains promising. The supportive monetary policy framework provided by the RBI serves as an additional catalyst, poised to further bolster the real estate sector. This synergy between prudent fiscal measures and sectoral dynamism bodes well for the future outlook of the real estate landscape.”
