Mr. Surendra Hiranandani - Chairman and Managing Director, House of Hiranandani

RBI Monetary Policy Highlights: MPC revises FY22 CPI inflation outlook to 5.7%

Mr. Surendra Hiranandani, Chairman and Managing Director, House of Hiranandani: “The Consumer Price Index inflation rate of more than 6% for May-June was beyond the Reserve Bank of India’s (RBI’s) tolerance mark. The RBI’s accommodative monetary policy and unchanged low-interest rates could become a challenge for it if inflation spikes again. While the status quo maintained by the RBI is appreciated, the focus should be on boosting growth with the right fiscal measures and policy support. This is especially important at a time when the International Monetary Fund has cut India’s growth estimate from 12.5% in April to 9.5% in July. As the second wave of the COVID-19 pandemic comes to an end and supply chains show signs of recovery, the real estate industry is inching towards normalcy. We are hopeful that the RBI and the Central Government will make announcements that trigger demand and boost the residential market segment. Just like the fiscal measures adopted last year, we are keen to see steps that enhance the market’s momentum and spur greater economic growth.”
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