Break on expensive EMI! RBI said the first milestone of monetary policy has been achieved as the inflation rate has come down to 6%.

RBI MPC Update: In the last five Monetary Policy Committee meetings, the RBI decided to increase the repo rate to curb inflation, resulting in a reduction in retail inflation from 7.79 percent in April 2022 to 5.72 percent in December 2022. , The RBI has now heaved a sigh of relief due to the reduction in the inflation rate. RBI has said in its monthly bulletin that the Monetary Policy Committee has achieved its first milestone i.e. minimum level after the retail inflation rate came to 6 percent.

In the bulletin released for January 2023, RBI said that the macroeconomic stability of the Indian economy has improved. Inflation has come in the tolerance band of RBI, with the data showing that the current account deficit may come down. The RBI said in its bulletin that the recent data clearly shows that the monetary policy of the RBI has crossed its first floor by bringing inflation within the tolerance band. Now the target of RBI is how to further reduce inflation in 2023 so that the inflation target for 2024 can be achieved.

A sigh of relief can be taken from what has been said in the RBI bulletin. Because the meeting of the Monetary Policy Committee of RBI is going to be held in the month of February. And it is believed that RBI should not make any change in the policy rates in the coming meeting. Policy rates should remain the same.

The retail inflation rate reached 7.79 percent in April 2022, after which the RBI increased the repo rate in five monetary policy meetings to control inflation. The repo rate has increased from 4 percent to 6.25 percent. Due to this, the loan became expensive. People’s EMI has become expensive. Now it is expected that the process of expensive loans can stop here.

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