RBI hikes repo rate by 25 basis points to 6.5 %
Mumbai (PTI): The Reserve Bank on Wednesday hiked key benchmark policy rate by 25 basis points to 6.5 per cent, citing sticky core inflation.
This is the sixth time interest rate has been hiked by the Reserve Bank of India (RBI) since May last year, taking the total quantum of hike to 250 basis points.
Announcing the bi-monthly monetary policy, RBI Governor Shaktikanta Das said the Monetary Policy Committee (MPC) by a majority decided to raise the policy repo rate by 25 basis points and keep a 'strong vigil' on inflation outlook.
"Policy rate at 6.5 per cent still trails the pre-pandemic level," Das said, adding that core inflation will remain sticky.
Core inflation generally refers to inflation in manufactured goods.
The governor said the inflation will moderate in the next fiscal but remain above the 4 per cent level. The RBI is mandated to keep inflation at 4 per cent with a margin of 2 per cent on either side.
For the next fiscal, the RBI projected a growth rate of 6.4 per cent. In the latest Economic Survey of the finance ministry, growth projection was 6-6.8 per cent for 2023-24.
According to Das, the retail inflation will average 6.5 per cent in the current fiscal and moderate to 5.3 per cent in 2023-24.
Indian economy has remained resilient demand global headwinds, Das said.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Minor girl kidnapped and raped; main accused and two cafe owners held
Latur (PTI): A minor girl was allegedly kidnapped and raped by an 18-year-old man in Latur, leading to the arrest of the main accused and owners of two cafes where the crime occurred on December 4, police said on Saturday.
Police traced the girl within hours of registering the complaint. The accused, identified as Rihan Gulab Shaikh, was arrested based on the girl's complaint. Two others are owners of two cafes where the crime occurred, police said.
Police registered a case under various sections of the Bharatiya Nyay Sanhita (BNS), POCSO Act, and the Prevention of Atrocities Act, an official said.
