Interest rates unchanged as RBI review monetary policy
Mumbai: Reserve Bank on Tuesday kept the key interest rates unchanged. However it hinted easing of rates in January saying with decline in inflation, the focus of monetary policy would shift to removing impediments to growth.
The RBI is slated to announce the third quarter policy review on January 29.
The central bank is closely monitoring the evolving growth -inflation dynamics and would update projections for 2012-13 in the third quarter review, RBI said.
It said the biggest risk to outlook stems from global politico-economic developments which could delay resolute policy action.
Referring to inflation, it said, while WPI is showing some signs of moderation, retail inflation has continued to remain elevated. “The non-food component of the index also suggested persistent inflationary pressure”.
Commenting on the policy, Chief Economic Advisor Raghuram Rajan said it is good that RBI sees room for rate cut.
“I think its good that RBI sees that there is room to ease. And clearly they are taking a decision keeping in mind that their main job is combating inflation. I look forward to good news in policy (January),” Rajan said.
The RBI said that since the Second Quarter Review in October, the global economy has shown some signs of stabilisation although the situation remains fragile.
On the domestic front, it said, there are some incipient signs of pick-up though growth remains significantly below its recent trend. The industrial output growth bounced back to 8.2 per cent in October, 2012, against a contraction of 5 per cent in the same month last year.
The Indian economy grew by 5.4 per cent in the first half (April-September) of the current fiscal, against 7.3 per cent in the corresponding period last year.
The RBI in its second quarter policy review had projected the GDP growth for the current fiscal at 5.8 per cent. The Finance Ministry in its mid-year analysis has pegged the growth estimate between 5.7-5.9 per cent for 2012-13.
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