RBI MPC Meeting: When and where to watch Governor Shaktikanta Das' policy announcement

RBI MPC Meeting: Reserve Bank of India's (RBI) three-day monetary policy committee (MPC) started its meeting on Wednesday, December 4, to decide on interest rates for the Indian economy and the central bank's policy stance. The meeting is set to conclude on Friday, December 6, and results will be announced.

The central bank's bi-monthly policy meeting comes forth amid the backdrop of sticky inflation and slowing growth in the nation's economy. 

When and Where to Watch

Governor Shaktikanta Das is expected to announce the MPC decision at 10 am on December 6, followed by a press briefing at noon.

The live stream for both the MPC announcement and the press conference will be available on RBI's official YouTube channel, their Facebook page, and their platform X account on December 6. 

RBI's current policy stance & expectations

The Reserve Bank of India's October policy meeting kept the repo rate unchanged at 6.5 per cent for the tenth session. The central bank changed the policy stance to “neutral” from “withdrawal of accommodation”.

India's inflation indicator, the Consumer Price Index (CPI) rose to 6.21 per cent, above the central bank's tolerance band of 4 to 6 per cent, according to the October data release from the Ministry of Statistics and Programme Implementation (MoSPI). The November data is set to be released on December 12.

On the expectations front, Harsimran Sahni, EVP and Head of Treasury at Anand Rathi Global Finance, said, “After the lowest GDP growth in the last seven quarters, all the binoculars are now fixed on RBI’s MPC Policy due this Friday.” 

India's gross domestic product (GDP) growth stood at 5.4 per cent for the July to September quarter, the lowest in nearly two years. 

“Considering the GDP data, which missed its projection for the second consecutive quarter. The pressure is built, however, the inflation data also saw a sudden increase (both CPI and Core CPI),” said Harsimran Sahni, EVP and Head - Treasury, at Anand Rathi Global Finance.

“The increase in inflation may very well be a seasonal pattern, but Governor Das has consistently emphasized the threat that inflation could pose for the economy if left untamed. Nevertheless, we understand significance of the GDP data which came well below expectation. Therefore, the probability of a rate cut in dec policy is as equal as a flip of a coin,” said Sahni.