RBI Hikes Repo Rate. Here Are Top 5 Quotes From Governor’s Speech

RBI hikes repo rate today due to inflationary pressure

Reserve Bank of India (RBI) Governor Shaktikanta Das on Wednesday announced a surprise hike in repo rates by 40 basis points to 4.40 per cent. He cited rising inflation, geopolitical tensions and rising commodity prices as the main reasons behind the move. The decision of which was taken in the off-cycle meeting of the Monetary Policy Committee held between May 2-4.

Let’s have a look at top 5 quotes from RBI Governor’s nearly half hour address.

  1. “The Monetary Policy Committee decided that the inflation outlook is warranted for a fair and timely response through firm and calibrated steps to ensure that the effects of the second round of supply-side shocks on the economy are contained and long-term inflation.” The expectations have been set firmly.” RBI Governor Shaktikanta Das said.

  2. “Today’s decision to raise the repo rate can be viewed as a reversal of the May 2020 rate action. Last month, we had decided to take back the accommodation. Today’s action needs to be seen in line with that action,” Mr Das said.

  3. He further said, “I would like to emphasize that the objective of monetary policy action is to arrest inflationary growth and to re-establish inflation expectations.”

  4. “High inflation is seen as detrimental to growth,” the RBI governor said.

  5. “The most alarming, persistent and spreading inflationary pressures are intensifying with each passing day,” he said.

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