CURRENT AFFAIRS

Detailed explanation-1: -Next RBI MPC Meeting Date 2022: The next meeting of the RBI’s Monetary Policy Committee (MPC) is scheduled during December 5-7, 2022. Next RBI MPC Meeting Date 2022: The next meeting of the RBI’s Monetary Policy Committee (MPC) is scheduled during December 5-7, 2022.

Detailed explanation-2: -Overview. Under the Reserve Bank of India, Act,1934 (RBI Act,1934) (as amended in 2016), RBI is entrusted with the responsibility of conducting monetary policy in India with the primary objective of maintaining price stability while keeping in mind the objective of growth.

Detailed explanation-3: -MPC was constituted under the Reserve Bank of India Act, 1934 as an initiative to bring more transparency and accountability in fixing the Monetary Policy of India. MPC conducts meetings at least 4 times a year and the monetary policy is published after every meeting with each member explaining his opinions.

Detailed explanation-4: -Taking all these factors into consideration, real GDP growth for 2022-23 is projected at 7.0 per cent with Q2 at 6.3 per cent; Q3 at 4.6 per cent; and Q4 at 4.6 per cent, and risks broadly balanced. For Q1:2023-24, it is projected at 7.2 per cent (Chart 2).