Question: On 7 June 2016 Reserve Bank of India has issued Second Bi-monthly Monetary Policy Statement, 2016-17. In this the percentage of growth during 2016-17 is estimated to be-
(a) 7.5%
(b) 7.6%
(c) 7.8%
(d) 7.2%
Ans:(b)
Related facts:
- On 7 June 2016 Reserve Bank of India Governor, Dr. Raghuram G. Rajan has issued Second Bi-monthly Monetary Policy Statement, 2016-17.
- RBI in its Second Bi-monthly Monetary Policy Statement, 2016-17 has kept policy rates, reserve cash reserve ratio of net demand and term liabilities unchanged.
- Repo rate under the (LAF: Liquidity Adjustment Facility) is kept unchanged at 6.5%.
- Consequently, the reverse repo rate under the LAF will remain unchanged at 6.0 per cent, and the marginal standing facility (MSF) rate and the Bank Rate at 7.0 per cent.
- RBI kept the cash reserve ratio (CRR) of scheduled banks unchanged at 4.0 per cent of net demand and time liabilities (NDTL).
- Statutory Liquidity Ratio (SLR) is also kept unchanged at 21.5%
- Earlier, RBI had cut the repo rate by 0.25 % to 6.5 % in April in its first bi-monthly monetary policy review of the current financial year.
- The gross value added (GVA) growth projection for 2016-17 has been retained at 7.6 per cent.
Reference:
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=37154
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=37151