Quotes on today’s RBI Monetary Policy for ESSAR

Mr. Sanjay Palve, Senior Managing Director, Essar Capital Ltd.

“RBI’s steps to maintain the repo rate at 6.5% demonstrates a well-considered stance in light of India’s economic growth plans. This decision signifies a tactical step towards harmonizing economic stability, inflation management, and promoting sustained growth in vital sectors of the economy. The projected rise in GDP growth rates is poised to have a favorable impact on business operations, stimulating additional economic expansion and opening up fresh investment prospects.”

Mr. Rajiv Agarwal, MD & CEO, Essar

“RBI’s decision to keep the repo rate unchanged in the first monetary policy of FY 2024-25 comes as no big surprise. The policy stance of ‘withdrawal of accommodation’, ensures that inflation progressively aligns to the target, while supporting economic growth. A stable monetary policy is vital for fostering a conducive environment for the shipping and ports sector. Prioritising liquidity management and inflation control showcases the importance of a steady financial backdrop in driving sustained growth and operational efficiency within the infrastructure sector.”

Mr. Pankaj Kalra, CEO, EOGEPL

“The announcement by the Reserve Bank of India to maintain the current key lending rates reflects a balanced approach considering the country’s rising GDP and well controlled inflation. The gradual phasing out of the measures aligns with the prevailing economic conditions. Projections for GDP growth in the upcoming fiscal year are promising, indicating positive developments. Despite global uncertainties, the RBI’s commitment to controlling inflation expectations as per targets set provides a stable foundation for business planning. We remain vigilant of market dynamics and are committed to collaborating with our partners to foster sustainable growth in the industry”

Mr. Kush, CEO, Essar Power

“The prudence of the RBI’s decision to maintain the repo rate at 6.5%, reflects a measured response to the dynamic global economic landscape. RBI’s emphasis on domestic factors showcases its commitment to financial stability and the crucial role of sustenance in navigating market uncertainties. The well measured policy stance will support the energy sector’s long-term sustainability and robustness, aligning with the industry’s vision for a cleaner and greener future. This decision highlights the significance of RBI’s initiatives in fostering economic growth, demonstrating a careful balance between economic expansion and inflation management.”