Quotes on RBI Monetary Policy June 2024

Mr. Rajiv Agarwal, MD & CEO, Essar Ports

“The RBI's decision to keep the repo rate steady at 6.5% was expected in view of maintaining economic stability. The GDP growth forecast of 7.2% for FY25 is a testament to the resilience and growth potential of our economy. For the ports and infrastructure sector, this stability in lending rates is welcome. The RBI's policy provides a good foundation for the country to enhance investments and contain inflation.”

Mr. Umesh Revankar, Executive Vice Chairman, Shriram Finance

“With headline inflation moderating, liquidity remaining stable and growth figures being impressive, many observers felt that maybe this time, the MPC may want to consider adopting a dovish stand. However, with the geo-political situation still remaining volatile and India’s food inflation staying elevated, the RBI has rightly prioritised caution by maintaining status quo on policy rates.

The RBI’s revised projection of a Real GDP growth rate of 7.2% for FY25 compared to 7% earlier is a sign of confidence in the Indian economy’s resilience. The proposal to establish a Digital Payments Intelligence Platform promises to fortify the digital payments ecosystem. The ecosystem will be further boosted by the inclusion of various recurring payments under the e-mandate framework.”

Ritu Prakash Singh, Senior Economist and Head - MSME Research, U GRO Capital

The Reserve Bank of India forecasting a robust GDP growth of 7.2% for FY25 indicates strong domestic demand and favorable economic conditions, providing MSMEs that are the important cornerstone of the Indian Economy with expanded market opportunities and financial stability. The Banking Sector & NBFCs have shown strong financials in FY24, supported by improved asset quality and increased profitability. The RBI's latest policy update provides a stable and encouraging outlook for MSMEs and NBFCs.

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