RBI Governor says it's too early to talk on interest rate cut as inflation is still above target

RBI News Update: There is no relief from expensive loans and expensive EMIs at the moment. Reserve Bank of India Governor Shaktikanta Das has said that due to instability in the economic environment and inflation rate being close to 5 percent, it is too early to talk about reduction in interest rates.

In an interview to CNBC-TV18, Shaktikanta Das said, the economic situation in the whole world including India remains uncertain at the present time. In such a situation, it would not be right to talk about cutting interest rates. He said that the retail inflation rate is still close to 5 percent. And according to the surveys that are coming out, the inflation rate may remain close to 5 percent. In such a situation, it would be too early to talk about cutting interest rates. The RBI Governor said, I will not give any wrong guidance due to which market players, stakeholders and others start riding the wrong train.

Regarding this stance of RBI, the governor said, there is a reason for this. RBI has set a target of bringing the inflation rate to 4 percent and currently the inflation rate is close to 5 percent. He said, we hope that it will decrease and it has started decreasing. But the pace of reduction in inflation is very slow. Shaktikanta Das said, if we have to bring the inflation rate closer to the target soon, then the monetary policy will have to be made more strict. RBI Governor said, we did not do this because we have to keep a balance between growth and inflation and are slowly moving towards our target. RBI Governor said, we are far away from the target of 4 percent.

RBI had decided not to make any changes in the monetary policy issued on June 7, 2024 and the repo rate has been kept at 6.50 percent. Retail inflation data will be announced on July 12, which the market will keep an eye on.

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