RBI has adopted a balanced approach by status quo on policy rate: FICCI

Aug 10, 2023

NEW DELHI, 10 August 2023: Commenting on RBI’s Monetary Policy announcement made today, Mr Subhrakant Panda, President, FICCI said, “RBI has adopted a balanced approach by maintaining status quo on policy rates which will support growth while targeting inflation which has inched up recently. The outlook remains clouded due to possible El Niño conditions, and tough global outlook calls for careful monitoring even as the policy stance remains withdrawal of accommodation while allowing previous interventions to flow through the system.”

“The FICCI Manufacturing Survey had indicated revival of private capex on the back of the government’s significant outlay and business optimism which has been reiterated by the Governor. We also compliment the RBI on facilitating innovative measures such as ‘conversational payments’ on UPI which will expand the scope of digital payments,” added Mr Panda.

“The fine balancing act and diligent approach to steer the economy through a challenging phase is commendable,” said Mr Panda.