Accommodative stance to mitigate pandemic – RBI Governor

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Reserve Bank of India Governor Shaktikanta Das announced the bi-monthly monetary policy for April 2021 as formulated by the monetary policy committee after a meeting that lasted three days from 5-7 April, 2021. The committee decided to keep the repo rate and reverse repo rate unchanged at 4 and 3.35 per cent respectively. The marginal standing facility (MSF) rate and bank rate too remains unchanged at 4.25 per cent.

The committee unanimously decided to continue with the accommodative stance as long as necessary to sustain growth and continue to mitigate the impact of COVID-19 on the economy, while ensuring that inflation remains within the target going forward, Governor said in his statement.

The projection for CPI inflation has been revised to 5.0 per cent in Q4:2020-21; 5.2 per cent in Q1:2021-22; 5.2 per cent in Q2; 4.4 per cent in Q3; and 5.1 per cent in Q4. The projection of real GDP growth for 2021-22 is retained at 10.5 per cent consisting of 26.2 per cent in Q1; 8.3 per cent in Q2; 5.4 per cent in Q3; and 6.2 per cent in Q4.

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