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Systematix Report
In its Monetary Policy Committee review, the Reserve Bank of India continued to support growth while remaining cautious about the severity of the Omicron variant.
The central bank maintained its accommodative stance, prioritising durable growth on a sustained basis.
It retained its real GDP projection of 9.5% for FY22 and marginally lowered the projection for Q3 FY22 and Q4 FY22.
The growth outlook is supported by expectations of resilient rural demand, the release of pent-up urban demand, the government's infrastructure push and improving business outlook and consumer confidence.
By increasing the quantum of its 14-day variable reverse repo rate auctions from Rs 6.5 trillion on December 17, 2021 to Rs 7.5 trillion on December 21, 2021, the RBI continues its process of gradual absorption of liquidity from the financial system.
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