Industry reacts on RBI decision: The decision of the RBI Monetary Policy Committee to keep the policy REPO rate unchanged at 6.5 per cent and its assertion to remain focussed on moderating inflation shows a resolve on the part of the central bank to ensure price stability for a long term sustained economic growth, ASSOCHAM said today.

“We stand by RBIs' commitment for ‘unwavering focus on price stability' to ringfence the economy from global headwinds including geo-political situation and the resultant supply chain disruptions,'' ASSOCHAM Secretary General  Deepak Sood said. RBI has successfully shielded the economy from global uncertainties over the past few years.

Sood said having witnessed a real GDP growth of 7.6 per cent for the fiscal 2023-24 , the RBI's projection of seven per cent economic expansion in FY '25 is reassuring, as it comes on the back of a high base of growth numbers. “Robust consumer demand across different sectors of the economy makes India stand out as growing at the fastest pace amongst the major economies of the world,” the ASSOCHAM Secretary General added. 

Inflation too is moderating thanks to a combined effect of money policy as also improving supply side management, the chamber Secretary General said.

Allowing cash deposits through UPI is yet another major forward movement of our digital economy and would ensure ease of banking for the customers. Other laudable measures in the credit policy include more flexibility to small finance banks and allowing non-banking payment operators to offer CBDC (Central Bank Digital Currency) on their wallets, the   ASSOCHAM Secretary General Sood further added.