Monsoon Embraces Kerala // RBI Keeps Repo Rates Unchanged

Thursday witnessed the melodious arrival of the monsoon rains, gracefully gracing the coastal shores of Kerala, India's southernmost state. After an arduous delay of over a week, these nurturing droplets brought solace to the toiling farmers, marking its latest appearance in four bountiful years. Embracing its role as the lifeblood of India's thriving $3 trillion economy, this majestic monsoon bestows upon the land nearly 70% of the essential rainfall required to quench the thirst of the fertile farms, replenish the reservoirs, and revive the aquifers. In addition to its agricultural significance, this benevolent raincloud also gifts respite from the sweltering heat, soothing the scorched earth with its gentle touch.
On the eventful Thursday, the Reserve Bank of India (RBI) maintained stability by keeping the repo rates untouched at a steady 6.5 percent. In a harmonious decision, the esteemed Monetary Policy Committee (MPC) of the central bank opted for a consecutive pause in their second bi-monthly monetary policy meeting of FY24. This deliberate move followed a streak of six successive policies marked by rate hikes, signifying a strategic shift in the trajectory of monetary adjustments.

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