Inflation needs to be monitored closely while supporting growth, correction in prices over near term looks probable: FICCI

Oct 06, 2023

• De-risking food supply chains from weather related disruptions should be a priority

NEW DELHI, 06 October 2023: Commenting on the monetary policy announced by the Reserve Bank of India today, Mr Subhrakant Panda, President, FICCI said, “RBI has kept the Repo rate and overall stance unchanged as was largely expected, emphasising on withdrawal of accommodation and supporting growth. Inflation needs to be closely monitored, but it seems to have peaked and a correction in prices over the near term looks probable.”

“In line with the Monetary Policy Committee’s observation on recurring food price shocks impacting both the inflation trajectory and its persistence, FICCI reiterates that de-risking food supply chains from weather related disruptions should be a priority. This calls for a comprehensive roadmap and coordinated action at multiple levels,” added Mr Panda.

Further, FICCI looks forward to the draft omnibus framework pertaining to recognising Self-Regulatory Organisations for various Regulated Entities of the Reserve Bank of India as stakeholder consultations will lead to a more robust outcome. FICCI also welcomes the extension of the Payments Infrastructure Development Fund Scheme by two years and its expansion to include the PM Vishwakarma Scheme.