Shock for buyers of a new house & new car..!?

A piece of information has come out that has put a damper on the dreams of many new home buyers and car buyers who are waiting for the reduction in bank interest rates. The first news is from America. With the recent announcement by the US Federal Reserve that it will not cut its interest rate, expectations have been raised as to what the Reserve bank of India's decision will be. While indians are also waiting for a rate cut, the RBI is holding a two-day monetary policy meeting on april 3-5 in the run-up to the general elections. Slightly more than the US Fed, the bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india (RBI) is expected to keep interest rates unchanged until next July. Market experts have said that inflation will be the main reason for this.
India's tremendous economic growth (8.4%) in the last quarter of 2023 has also fueled inflation. With inflation in india near the upper end of the RBI's target range (2% - 6%), expectations of a rate cut are fading. Expert opinion: A majority of economists polled by Reuters forecast the RBI to keep interest rates unchanged this time around due to persistently high inflation coupled with strong economic growth. Around 56 economists have participated in this poll, and it has been suggested that the repo rate will remain at 6.50% in the RBI meeting to be held from april 3 to 5. Keeping the RBI interest rates low will make it a little harder for people to borrow, which will reduce people's spending. Through this, the bank will try to control inflation but at the same time, if interest rates remain unchanged, investments such as borrowing and starting a business will be affected. The RBI will decide how it will handle interest rates in the future depending on the economic situation. After inflation comes under control, the RBI will cut interest rates and take steps to encourage economic growth. US Federal Reserve President Jerome Powell said that the benchmark interest rate will be lowered when the US central bank's 2 percent inflation rate remains stable and the country's economic growth is on track. Out of 52 economists polled by Reuters, 24 said the bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india will cut interest rates in the third quarter. 17 have said they will cut in the 4th quarter, while the rest have announced a rate cut next year.The repo rate, which is currently around 6.50 percent, is expected to be cut to 6.25 percent in the september meeting and 6.00 percent in the november meeting. Therefore, those involved in all financial-related activities like new house, car, loan, deposit fund investment should plan and invest accordingly.

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RBI

Sowmiya Sriram

26/03/2024 12:57 PM