New Delhi: The Reserve Bank of India said in a statement on Thursday that the Monetary Policy Committee (MPC) will meet once more on November 3, 2022.

In its most recent policy review, which was released on September 30, the MPC increased the policy repo rate by 50 basis points (bps), bringing it to 5.9%. Since May, the repo rate has increased by 190 basis points (bps) (100 bps = 1 percentage point), despite the fact that inflation remained stubbornly high at or over the RBI’s maximum tolerance range of 6%.

According to RBI Governor Shaktikanta Das, the aggressive policy tightening by central banks of advanced economies and their even more aggressive forward guidance have put the entire world in the eye of a new storm.

“The future trajectory remains clouded with uncertainties arising from continuing geopolitical conflicts, possibility of further supply disruptions, volatile financial market conditions and domestic weather related factors,” Das said, adding that he remained optimistic about the future prospects of the Indian economy.

“The need of the hour is calibrated monetary policy action, with a clear understanding that it is required for sustaining our medium-term growth prospects,” Das said.

The monetary policy committee’s next review is slated for December 5–7.