Press Release

ASSOCHAM welcomes RBI focus on price stability for sustainable growth

ASSOCHAM welcomes RBI focus on price stability for sustainable growth

RBI's unwavering focus on price stability for a sustainable economic growth would further cement foundation for a long and robust run for the Indian economy, ASSOCHAM Secretary General Mr. Deepak Sood said, reacting to the decision of the Monetary Policy Committee to keep the policy REPO rate unchanged at 6.50 per cent. 

“While the policy stance of the RBI-MPC is on the expected lines, the GDP forecasts of 7.2 per cent for the FY'2024-25 along with its resolve to further moderate inflation are reassuring macro indications which can be leveraged for India remaining in the top league of economic growth amongst the major economies,'' Mr. Sood said. 

He said RBI's preview of the unfolding supply side metrics also look promising, especially with regard to food inflation and reviving rural demand, a key catalyst for sustainable growth. Stability in INR on the back of comfortable foreign exchange reserves and improved prospects for global trade provide another positive to the economy. However, as well articulated by RBI Governor Mr Shaktikanta Das, there is a need to keep a watch on the challenging geo-political situation, having an impact on the global supply chain. 

The ASSOCHAM lauded the RBI assurance in the policy statement about staying nimble and flexible in its liquidity management for preserving financial stability in the system.

Additionally, proposed guidelines for rationalising FEMA would lead to ease of doing business for global trade.