West Asia Conflict
RBI holds repo rate at 5.25% amid West Asia conflict
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The Reserve Bank of India's Monetary Policy Committee on Wednesday kept the key policy rate, the repo rate, unchanged at 5.25 per cent. Amid uncertainties from the West Asia conflict, the committee retained its neutral stance. It has lowered the GDP growth forecast to 6.9 per cent for FY27.
Following earlier diplomatic outreach, India is ramping up energy security efforts in the Gulf during a two-week ceasefire in the US-Israel-Iran conflict. Petroleum Minister Hardeep Singh Puri visits Qatar on April 9-10, and External Affairs Minister S Jaishankar heads to the UAE on April 11-12, to secure oil and gas supplies and evaluate conflict impacts.
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Global food prices rose to their highest level since September in March, fueled by higher energy costs linked to the West Asia conflict. The United Nations' Food and Agriculture Organization cautioned that a prolonged war could reduce planting and yields, affecting supplies and prices through this year and beyond.