The Reserve Bank of India (RBI) is set to reveal the outcome of the Monetary Policy Committee (MPC) meeting today. The three-day meeting, which began on August 6, focused on key issues such as the repo rate and other monetary policy indicators. This is the third MPC meeting for the fiscal year 2024-25. The central bank has maintained the repo rate at 6.5% for the past 18 months. According to reports, the MPC is expected to continue its current stance and keep the rates unchanged, despite global market volatility and shifts in monetary policies in countries like the United States and Japan.
In addition, Parliament is likely to discuss a bill proposing changes to the Wakf Act today.
During a session on Wednesday, Union Finance Minister Nirmala Sitharaman urged opposition leaders to persuade state finance ministers to propose the removal of the 18% Goods and Services Tax (GST) on life and health insurance premiums at GST Council meetings. According to PTI, Sitharaman stated, “About 73-74% of GST collected under this head goes to states. They should be willing to forgo this. Of the total GST collections of Rs.24,529 crore from health insurance over the last three years, half—Rs.12,264 crore—went directly to the states as State GST (SGST). It doesn’t even reach the Centre.”
India to Lower Rates by 100 Basis Points by March 2026: BoA Official
Digital PaymentsSurge: RBI Reports 12.6% Growth by March 2024