Mumbai: India is expected to be among the fastest growing major economies this fiscal, despite geopolitical turbulence, RBI Governor Shaktikanta Das said at last month's meeting of the rate setting panel MPC while going with the majority to raise the repo rate by 50 basis points to tame inflation.
On September 30, the six-member Monetary Policy Committee, headed by Das, had raised the short-term lending rate for the third consecutive time by 50 basis points. Except for Ashima Goyal, who favoured a 35 basis points hike, the other five members had voted for 50 basis points increase in the repo rate.
As per the minutes of the Monetary Policy Committee meeting released by the RBI on Friday, Governor Das had said that economic activity was steadily improving, though there were mixed signals. "While high frequency indicators are showing continued momentum in activity, global factors are putting pressure on external demand.
"The growth projection of 7.0 percent for 2022-23, therefore, carries risks which are broadly balanced. Whatever be the unfolding scenario, India is expected to be among the fastest growing major economies in the world," the minutes quoted him as saying. RBI Deputy Governor and MPC Member Michael Debabrata Patra had emphasied that monetary policy has to perform the role of nominal anchor for the economy as it charts a new growth trajectory.
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