RBI MPC Meet: Finance Minister Nirmala Sitharaman welcomed RBI’s decision not to increase repo rate, said – right decision

Nirmala Sitharaman On RBI: Finance Minister Nirmala Sitharaman has welcomed the decision of Reserve Bank of India not to change its policy rates. The Finance Minister said that I think RBI has taken the right decision. Earlier, the Monetary Policy Committee of RBI has decided not to make any change in interest rates in the first policy meeting of FY 2023-24, while in the last FY 2022-23, six times, RBI has given 2.50 percent repo to curb inflation. Had increased the rate and increased the repo rate from 4 percent to 6.50 percent. 

The Finance Minister said that despite the Russia-Ukraine war of the Corona epidemic, the government has been successful in keeping inflation below six percent. Nirmala Sitharaman said that the Central Government is very sensitive about inflation and at the same time does not hold back in taking strict action to keep it under control. 

Nirmala Sitharaman said that due to the epidemic and war, there has been a sharp jump in the prices of commodities in the international market, while India imports them. He said that to give relief to the common people, the government has announced subsidy.  

Finance Minister asked that, will you compare the current situation everywhere, especially after Covid and Russia and Ukraine war? The prices of all the things we import are skyrocketing. These items are not produced in India. And totally dependent on imports. He questioned whether this price hike is mine? While this price impresses me. And so we have to help people. 

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