RBI hiked repo rate today owing to inflationary pressures
- “The monetary policy committee judged that the inflation outlook warrants an appropriate and timely response through resolute and calibrated steps to ensure that second-round effects of supply-side shocks on the economy are contained and long-term inflation expectations are kept firmly anchored," RBI Governor Shaktikanta Das said.
- “The decision today to raise repo rate may be seen as reversal of rate action of May 2020. Last month, we had set out a stance of withdrawal of accommodation. Today's action needs to be seen in line with that action,” Mr Das said.
- “I would like to emphasise that the monetary policy action is aimed at containing inflation spike and re-anchoring inflation expectation,” he added further.
- "High inflation is known as detrimental to growth," the RBI Governor noted.
- "Most alarmingly, persistent and spreading inflationary pressures are becoming more acute with every passing day," he said.
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