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India's apex bank, Reserve Bank Of India in its quarterly monetary policy review, retained the interest rates. It retained the repo rate, reverse repo rate and the Cash Reserve Ratio (CRR) at their current levels.
Due to the existing global trend in commodity prices and domestic demand-supply balance, the bank projects 5% inflation for the next year, higher than its earlier projection of 4% in its Annual policy statement in April 2009. The bank, in the present scenario, estimates GDP to grow at 6% for 2009-10.
The review pointed out positive signs of progressive recovery with increased food stocks, positive industrial production and business confidence while hinting out negative aspects like delayed and shortfall in the monsoon, food price inflation, rebound in global commodity prices and weak external demand with high fiscal deficit.
RBI decided to manage liquidity actively so that the credit demand of the government is met while ensuring the flow of credit to the private sector at viable rates. It will keep a vigil on the trends and signals of inflation, and get prepared to respond swiftly and efficiently through policy adjustments. The bank will maintain a monetary and interest rate regime consistent with price stability supportive of bringing back the economy to high growth path.
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