RBI monetary policy meet: Monsoon forecast makes cbank revise upwards agriculture estimates
The statement said that on a quarterly basis, agriculture growth increased sharply in Q4 of fiscal 2017-18. Citing monsoon picture, it said that the India Meteorological Department (IMD) on April 16, had forecast a normal south-west monsoon rainfall, which was reaffirmed on May 30. The committee feels that the forecast of normal monsoon this year augurs well for the agricultural sector.
The Reserve Bank of India's (RBI) Monetary Policy Committee (MPC), headed by governor Urjit Patel, today hiked repo rate by 25 bps to 6.25 per cent after the conclusion of the second bi-monthly policy meet. Image source: Reuters