India’s Central Bank announced that it has kept the repo rate steady at 6.5 percent. The repo rate is the interest rate at which the Central Bank lends to commercial banks in cases of temporary fund shortages. This marks the tenth consecutive meeting of the six-member monetary policy committee where the rate has remained unchanged.
After evaluating the current and evolving macroeconomic landscape, the committee concluded that maintaining the policy repo rate at 6.5 percent was the best course of action, as stated in the bank’s announcement. In terms of economic growth, real GDP for 2024-25 is projected to be 7.2 percent, while for the first quarter of 2025-26, a growth of 7.3 percent is anticipated.
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India’s foreign exchange reserves rose by $2.299 billion, hitting a record high of $683.987 billion for the week ending August 30, according to the Reserve Bank of India (RBI).
Moreover, a recent report highlighted India’s dominance in the global initial public offering (IPO) market, with 227 transactions amounting to $12.2 billion recorded in the first eight months of 2024. GlobalData, a prominent data and analytics firm, attributed India’s outstanding performance to robust market sentiment, a positive macroeconomic environment, and a surge in investor enthusiasm driven by fear of missing out (FOMO).
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