Press Release

Price, financial stability are at the core of RBI monetary policy: ASSOCHAM

Price, financial stability are at the core of RBI monetary policy: ASSOCHAM

Decision of the RBI-Monetary Policy Committee to keep the benchmark REPO rate unchanged at 6.50 per cent has come about in the wake of robust GDP prospects of 7.2 per cent in FY'25 providing an elbow room to the central bank to continue with its focus on moderating inflation for a resilient and sustained economic growth, ASSOCHAM has said. 

“The message in the RBI monetary policy is to keep price stability at the top of its priority list with an objective of a sustained economic growth. We see convergence in these two objectives even as there is an expectation of change in stance towards 'accommodation' in the next one or two policy reviews,'' ASSOCHAM Secretary General Mr Deepak Sood said. 

He shared RBI's optimism on retaining the GDP growth projections at 7.2 per cent for the current fiscal and assessment that food inflation should moderate with improved sowing of Kharif crops. 

Mr Sood further said, “The RBI policy statement reflects resilience of the Indian economy in the face of multitude of global headwinds including volatile financial markets, slowdown in major economies and geo-political tensions in the Middle East. A nimble policy response by RBI and the government have provided strength to the Indian economy''.  He said moderation of inflation and financial stability are the twin tracks which are welcome features of the monetary policy review.  

The chamber welcomed several other measures announced by the RBI Governor Mr Shaktikanta Das. Enhancing the UPI tax payment limit from Rs 1 lakh to Rs 5 lakh is a step forward in the direction of easy tax administration while the proposal for 'delegated UPI payment' would prove to be useful for senior citizens. 

Measures towards faster clearing of cheques within a few hours of presentation would bring in greater efficiency in the banking system and help businesses, especially MSMEs in commercial transactions.  

Faster updation and exchange of credit information between lenders and credit information services would speed up the process of loan sanctions and disbursement.