rbi mpc meet live: RBI Monetary Policy Highlights: RBI has taken a good call, says FM Nirmala Sitharaman on decision to keep benchmark rate unchanged - The Economic Times (2024)

Table of Contents
RBI Monetary Policy Meet | Key Highlights: A rate pause, inflation tweak and more RBI Monetary policy Live: 'Rate pause a reflection of the extreme uncertainty' RBI Monetary policy Live: 'Policy appears to be a hawkish pause' RBI Monetary policy Live: Inflation has been kept at six per cent or below: Finance Minister Nirmala Sitharaman on price rise RBI Monetary policy Live: "RBI has taken a good call, I think", says Finance Minister Nirmala Sitharaman on decision to keep benchmark rate unchanged RBI Monetary policy Live: What prompted MPC to take a short break? RBI Monetary policy Live: System is flush with liquidity, says RBI Dy Guv RBI Monetary policy Live: Das on Indian banking system RBI Monetary policy Live: RBI Guv on AT1 bonds RBI Monetary policy Live: RBI Guv on crude oil prices RBI Monetary policy Live: RBI Dy Governor T Rabi Sankar on Rupee internationalisation RBI Monetary policy Live: Is RBI over-optimistic in its growth projections for FY24? RBI MPC Meet LIVE Updates: RBI Deputy Governor on growth projection RBI MPC Meet LIVE Updates: In an uncertain environment, would not like to commit to any one course of action, says RBI Governor Shaktikanta Das RBI Monetary policy Live: Das on decoupling RBI Monetary policy Live: Won't hesitate to take action in future, says RBI Guv RBI MPC Meet LIVE Updates: Priority continues to be price stability, says RBI Guv RBI Monetary policy Live: It's a pause, not a pivot, says RBI Guv on the surprise repo rate pause RBI MPC Meet LIVE Updates: '“Speed can kill” fear led to a dovish turn' RBI MPC Meet LIVE Updates: RBI to maintain an extended pause? RBI Monetary policy Live: Unchanged repo rates a boon for the housing market RBI Monetary policy Live: A wait-and-watch approach to assess the impact of the sharp policy tightening already delivered RBI MPC Meet LIVE Updates: RBI’s surprise pause likely to support low income, affordable housing RBI MPC Meet LIVE Updates: 'RBI astonished the market' RBI MPC Meet LIVE Updates: Enhancing efficiency of regulatory processes RBI MPC Meet LIVE Updates: Onshore non-deliverable derivative market RBI MPC Meet LIVE Updates: 'A cautious approach towards economic recovery' RBI MPC Meet LIVE Updates: While Indian financial system is in good shape, let’s “be not slack and be diligent”, says Uday Kotak RBI MPC Meet LIVE Updates: Centralised web portal for unclaimed deposits RBI MPC Meet LIVE Updates: Expanding the UPI footprint RBI MPC Meet Live Updates: Meanwhile, bond yields crash as RBI keeps rates unchanged RBI MPC Meet LIVE Updates: Das on liquidity management RBI MPC Meet LIVE Updates: CAD expected to remain moderate in fourth quarter of FY23 RBI MPC Meet LIVE Updates: A new centralised web portal for public to search unclaimed deposits RBI MPC Meet LIVE Updates: RBI Governor on Rupee RBI MPC Meet LIVE Updates: War against inflation has to continue, says RBI Guv RBI MPC Meet LIVE Updates: RBI believes that its stance still reflects accommodation, says Das Meanwhile, Rupee falls below 82/USD after RBI hits pause on rate hikes RBI MPC Meet LIVE Updates: Inflation for FY24 projected at 5.2% RBI MPC Meet LIVE Updates: GDP growth break-up RBI MPC Meet LIVE Updates: Real GDP growth for FY24 projected at 6.5% RBI MPC Meet LIVE Updates: India's economic activity remains resilient, with real GDP growth expected at 7% in FY23, says Das RBI MPC Meet LIVE Updates: Bank failures and contagion risks have brought financial stability to the forefront, says Das RBI's repo remains unchanged at 6.5% RBI MPC Meet LIVE Updates: 2023 began on a good note, says RBI Guv Das RBI MPC Meeting Live: Factors affecting rates RBI MPC Meeting Live: Here are the key numbers on Das & co's table for policy decision RBI MPC Meeting Live: India's forex kitty RBI MPC Meeting Live: At inflection point MPC Meeting Live: 'RBI might step in to thaw conditions via ad hoc variable repo rate ops' RBI MPC Meeting Live: Banking system liquidity RBI MPC Meeting Live: Little change in bond yields MPC Meeting Live: RBI's stance RBI MPC Meeting Live: A pause? RBI MPC Meeting Live: A look at composite PMI output RBI MPC Meeting Live: India's services sector growth RBI MPC Meeting Live: What's driving another hike? RBI MPC Meeting Live: Core inflation RBI MPC Meeting Live: Inflation woes RBI MPC Meeting Live: A seven-year high rate?

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06 Apr, 2023 | 02:53:22 PM IST

rbi mpc meet live: RBI Monetary Policy Highlights: RBI has taken a good call, says FM Nirmala Sitharaman on decision to keep benchmark rate unchanged - The Economic Times (1)

RBI Monetary Policy Highlights: The Reserve Bank of India on Thursday hit the pause button and decided to keep key benchmark policy rate at 6.5 per cent even as inflation is trending above its tolerance level.

The rate hike has been paused after six consecutive rate increases aggregating to 250 basis points since May 2022.

Announcing the bi-monthly monetary policy, RBI Governor Shaktikanta Das said the Monetary Policy Committee (MPC) will not hesitate to take action in the future.

While keeping the interest rate intact, Das said core inflation remains sticky.

Core inflation generally refers to inflation in manufactured goods.

Retail inflation in February stood at 6.44 per cent compared to 6.52 per cent in the previous month. MPC takes into account retail inflation numbers for setting the interest rates.

However, inflation is expected to moderate in the current fiscal. Many institutions, including the World Bank and Asian Development Bank, have predicted that inflation would cool down to about 5 per cent this financial year.

For the next fiscal, RBI projected a growth rate of 6.5 per cent as compared to 6.4 per cent estimated in February. In the latest Economic Survey of the finance ministry, growth was projected at 6-6.8 per cent for 2023-24.

Last month, the US Federal Reserve announced another 25 basis points interest rate hike to tame inflation.

With the hike, the Fed has increased the federal funds rate from nearly zero in March 2022 to a range of 4.75-5 per cent.

The European Central Bank and Bank of England have also hiked their benchmark rates.

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RBI Monetary Policy Meet | Key Highlights: A rate pause, inflation tweak and more

  • Repo rate

RBI keeps repo rate unchanged at 6.5 pc. Policy decisions taken since May 2022 are still working through the system, said RBI Guv.

  • Stance

RBI to remain focused on withdrawal of monetary policy accommodation, said Governor Das.

  • Growth

RBI marginally raised GDP growth projection for FY24 to 6.5 pc from earlier estimate of 6.4 pc.

  • Inflation

RBI projected 5.2 pc inflation for FY24, 5.1 pc in Q1.

  • Liquidity management

RBI to maintain agile approach for liquidity management; to manage govt borrowing programme in non-disruptive manner.

  • CAD

Current account deficit to remain moderate in Q4 FY23 and also in current fiscal year, said RBI Guv Das.

  • Portal for unclaimed deposits

RBI to set up centralised portal to search across multiple banks for unclaimed deposits, said Das.

  • Expanding UPI footprint

RBI permits operation of pre-sanctioned credit lines at banks to widen and expand footprint of UPI.

  • Remittances

GCC countries to remain the main source of remittances; inward remittances touch all-time high of USD 107.2 billion in 2022.

  • Global banking crisis

RBI is keeping close watch on turmoil in banking sector in developed countries, said Shaktikanta Das.

  • War continues...

RBI Guv said current financial year points towards softening of inflation; war against inflation to continue until there is durable decline.

RBI Monetary policy Live: 'Rate pause a reflection of the extreme uncertainty'

The MPC decision to pause at the review meeting is probably a reflection of the extreme uncertainty which characterises the global economy, and the risks of its potential spillovers into India, said Saugata Bhattacharya, Executive VP and Chief Economist, Axis Bank.

The MPC has also retained the flexibility to tighten policy at future meetings, should high and persistent inflation warrant such action. Retaining the stance at removal-of-accommodation also signals a continued focus on steadily guiding inflation down towards the 4% target, Bhattacharya added.

RBI Monetary policy Live: 'Policy appears to be a hawkish pause'

The policy appears to be a hawkish pause as the MPC turns data dependent whilst it awaits the monetary efficacy from prior rate hikes to play out into the deposit and lending rates. With the Governor stating that today’s pause on policy rates is for this policy only, it has the elbow room to act on rates if inflation readings surprise on the upside, said Achala Jethmalani, Economist, RBL Bank.

Basis the current growth-inflation dynamics and the global backdrop, the repo rate is likely to peak out at 6.50-6.75% with a possibility of a final 25bps to be delivered in 1H FY24, Jethmalani added.

RBI Monetary policy Live: Inflation has been kept at six per cent or below: Finance Minister Nirmala Sitharaman on price rise

RBI Monetary policy Live: "RBI has taken a good call, I think", says Finance Minister Nirmala Sitharaman on decision to keep benchmark rate unchanged

RBI Monetary policy Live: What prompted MPC to take a short break?

Increased global uncertainty, stable currency in 2023 & the incomplete transmission of the past aggressive rate hikes must have prompted the MPC to take a short break in the rate hiking cycle, said Rupa Rege Nitsure, group chief economist, L&T Financial Holdings.

By keeping the stance at withdrawal-of-accommodation and keeping the doors open to further rate hikes, the MPC has clearly signalled that the war against inflation is still not over. Rather, the RBI wishes to wait and watch how the situation pans out amid the threats of El Nino, the global banking turbulence, OPEC production cuts and geopolitical tensions, Nitsure added.

RBI Monetary policy Live: System is flush with liquidity, says RBI Dy Guv

Rate-sensitive sectors are already showing the impact of the monetary policy and the central bank expects to have CPI inflation at 5.2 percent by the end of the fiscal year, said Michael Patra, RBI Dy Guv.

The system is flush with liquidity now with the amount of govt spending, he added.

RBI Monetary policy Live: Das on Indian banking system

RBI Guv Das added that the MPC is forward-looking and watchful of the overall situation, it will take steps whenever appropriate and as of now Indian banking system is sound and healthy.

RBI Monetary policy Live: RBI Guv on AT1 bonds

Shaktikanta Das, RBI Guv said that AT1 bonds ecosystem in India remains stable and robust and investors are expected to read terms & conditions. We expect regulated entities to take ownership, and decide micro aspects of their business, he added.

RBI Monetary policy Live: RBI Guv on crude oil prices

The assumption of $85 for crude oil is the average for FY24, said RBI Guv. "We have reasons to believe that crude oil prices will be around the level we have estimated," he added.

RBI Monetary policy Live: RBI Dy Governor T Rabi Sankar on Rupee internationalisation

Volumes are not picking up as much, but those are teething issues that need to be worked out The number of countries, banking showing interest is increasing. Initial processes are on and are encouraging. This is a long-term objective and we have to build towards that: T Rabi Sankar

RBI Monetary policy Live: Is RBI over-optimistic in its growth projections for FY24?

As a central bank, the RBI is always prudent and conservative expectations said RBI Guv. He added that the RBI has raised its growth expectation for FY24 to 6.5% from 6.4% earlier.

RBI MPC Meet LIVE Updates: RBI Deputy Governor on growth projection

Assumption of fall in oil prices led to a marginal rise in FY24 GDP growth estimate to 6.5 pc, says RBI Deputy Governor Michael Patra.

RBI MPC Meet LIVE Updates: In an uncertain environment, would not like to commit to any one course of action, says RBI Governor Shaktikanta Das

RBI Monetary policy Live: Das on decoupling

India's monetary policy is determined primarily by domestic factors. So therefore we were never really coupled with US Fed actions: RBI Guv

RBI Monetary policy Live: Won't hesitate to take action in future, says RBI Guv

It is now necessary to assess the cumulative action taken so far. The MPC remains watchful, won't hesitate to take action in future meetings: RBI Guv

RBI MPC Meet LIVE Updates: Priority continues to be price stability, says RBI Guv

RBI Monetary policy Live: It's a pause, not a pivot, says RBI Guv on the surprise repo rate pause

RBI MPC Meet LIVE Updates: '“Speed can kill” fear led to a dovish turn'

The unchanged policy rate and stance has been met by non-committal forward guidance, clearly giving more stress to fluid and uncertain global situation, implying macro assessments might require appropriate adjustments ahead from the policy perspective. However, the governor stressed that their inflation fight is not over and we are still away from durable disinflation with unyielding core inflation still a concern, said Madhavi Arora, Lead Economist, Emkay Global.

We believe the fear that “speed can kill” has led to a dovish turn from a number of central banks in both developed and emerging markets, amid growing concerns over transmission of policy tightening to growth and the same rub-off is happening in RBI’s reaction function, she added.

RBI MPC Meet LIVE Updates: RBI to maintain an extended pause?

RBI’s unexpected pause comes despite the previous readings being elevated above 6%. Given today’s policy decision, we expect the RBI to maintain an extended pause and evaluate the lagged impact of previous rate hikes and global uncertainties on growth -inflation dynamics: Upasna Bhardwaj, Chief Economist, Kotak Mahindra Bank

RBI Monetary policy Live: Unchanged repo rates a boon for the housing market

Much against general expectations, the RBI decided to keep the repo rates unchanged at 6.5% today. This is indeed good for the residential real estate market, which faces a tough road ahead amid massive layoffs by large corporates the world over. India is not decoupled from global economic dynamics and their invariable impact on the housing uptake here. The RBI’s decision to keep the repo rates unchanged comes as a welcome respite to homebuyers, said Anuj Puri, Chairman, ANAROCK Group.

This particularly gives relief to affordable and mid segment homebuyers who feared a possible rate hike today, making property buying via home loans even harder, he added.

RBI Monetary policy Live: A wait-and-watch approach to assess the impact of the sharp policy tightening already delivered

Enough (tightening) might be enough was the overarching message from the RBI in the April meeting. We were out of consensus in forecasting that the RBI would pause and keep stance at ‘withdrawal of accommodation’ – which is exactly what was delivered, said Aurodeep Nandi, Economist and Vice president, Nomura.

In our view, this reflects a forward looking monetary policy that takes into cognisance elevated global growth risks, moderating inflation trajectory, and the need to wait-and-watch and assess the impact of the sharp policy tightening already delivered, he added.

RBI MPC Meet LIVE Updates: RBI’s surprise pause likely to support low income, affordable housing

“India Inc lauds the pause in rate hike cycle decision herald by RBI in contrast to the world banks. This act of relief will resume confidence in the homebuyers’ sentiment and boost demand rally in the real estate sector…Additionally, devising innovative flexi or step-up EMI policy by the banks and FIIS will be conducive for the market players to onboard new home buyers in the high interest rate regime,” said Niranjan Hiranandani, vice chairman, realty developers’ body NAREDCO - National.

RBI MPC Meet LIVE Updates: 'RBI astonished the market'

The RBI astonished the market by pausing policy rates; nonetheless, there was some talk about this unexpected statement, which keeps it ahead of other major central banks across the world. When symptoms of growing inflation first appeared, the RBI was one of the few central banks to begin raising interest rates. As a result, this RBI approach can be interpreted as an indication that global interest rates are about to peak. The market is in a good mood, and this policy provides us with further cause to rejoice, said Santosh Meena, Head of Research, Swastika Investmart Ltd.

However, given that we have witnessed a good recovery from recent lows and that we have a long weekend and a weekly expiry, some profit-taking or consolidation cannot be ruled out, he added.

RBI MPC Meet LIVE Updates: Enhancing efficiency of regulatory processes

At present, processes for entities to apply for licences, authorizations and regulatory approvals take place in online and offline modes. In order to simplify, there will now be a secure web-based centralized portal for such processes. The web-based portal will show time limits for deciding on applications, will bring greater efficiency in regulatory processes and facilitate ease of doing business for regulated entities, said RBI Governor.

RBI MPC Meet LIVE Updates: Onshore non-deliverable derivative market

Banks in India with IFSC Banking Units were permitted to transact in Indian rupee Non-deliverable forex derivative contracts with non-residents & with other eligible banks having IBUs. Banks with IBUs shall now be permitted to offer Non-deliverable Forex Derivative Contracts involving Indian rupee, to resident users in onshore market. This will further deepen forex market in India and provide enhanced flexibility to residents.

RBI MPC Meet LIVE Updates: 'A cautious approach towards economic recovery'

The RBI Governor's announcement regarding the projection of inflation and GDP growth for FY24 shows a cautious approach towards the country's economic recovery. The focus on the gradual and sustainable "withdrawal of accommodation" is essential for ensuring that the current growth momentum is maintained in the long run. The decision to maintain the repo rate unchanged is a positive sign for the banking and NBFC sectors, and it is expected to benefit other sectors such as real estate and infrastructure: Sonam Srivastava- Founder at Wright Research- an investment advisory firm

RBI MPC Meet LIVE Updates: While Indian financial system is in good shape, let’s “be not slack and be diligent”, says Uday Kotak

Monetary policy: Focus on Financial Stability. Rate pause without change in stance. Global banking fragility on eve… https://t.co/oLjUlHLeLz

— Uday Kotak (@udaykotak) 1680757372000

RBI MPC Meet LIVE Updates: Centralised web portal for unclaimed deposits

Depositors of unclaimed bank deposits have to now go through websites of multiple banks to search for such deposits. The new web portal will enable search across bank accounts, widening access of depositors to info on such deposits. The centralized web portal will help depositors and beneficiaries in getting back their unclaimed deposits, informed RBI Governor.

RBI MPC Meet LIVE Updates: Expanding the UPI footprint

RBI has permited operation of pre-sanctioned credit lines at banks to widen and expand footprint of UPI.

RBI MPC Meet Live Updates: Meanwhile, bond yields crash as RBI keeps rates unchanged

Government bond yields dropped on Thursday, with the benchmark bond yield crashing to its lowest in nearly seven months after the Reserve Bank of Indian maintained status quo on policy rates. The 10-year benchmark bond yield dropped to 7.1469%, its lowest since Sept. 15, immediately after the policy decision. It was ay 7.2857% before the decision.

RBI MPC Meet LIVE Updates: Das on liquidity management

RBI will continue to adopt a nuanced and agile approach to liquidity management, said Governor Shaktikanta Das. The central bank will remain flexible in meeting productive requirements of the economy, as well as use two-way operations as may be necessary. The RBI will complete the government’s borrowing programme in a non-disruptive manner, RBI Guv said.

RBI MPC Meet LIVE Updates: CAD expected to remain moderate in fourth quarter of FY23

India's current account deficit for the first three quarter of FY23 stood at 2.7% of GDP, informed RBI Governor Shaktikanta Das. India's current account deficit is expected to remain moderate in the fourth quarter of FY23 and also in FY24 at a level, which is viable and eminently manageable.

RBI MPC Meet LIVE Updates: A new centralised web portal for public to search unclaimed deposits

RBI MPC Meet LIVE Updates: RBI Governor on Rupee

The rupee has moved in an orderly manner in 2022 and continues to remain so in 2023, said RBI Governor Shaktikanta Das. "We remain watchful and focussed on maintaining the stability of Indian rupee."

RBI MPC Meet LIVE Updates: War against inflation has to continue, says RBI Guv

While we have kept the policy rate unchanged, this decision was taken based on our assessment of the macroeconomic and financial conditions with reference to information available upto today. Our job is not yet finished and war against inflation has to continue until durable decline in inflation closer to target is seen, said RBI Guv.

RBI MPC Meet LIVE Updates: RBI believes that its stance still reflects accommodation, says Das

Meanwhile, Rupee falls below 82/USD after RBI hits pause on rate hikes

RBI MPC Meet LIVE Updates: Inflation for FY24 projected at 5.2%

RBI MPC Meet LIVE Updates: GDP growth break-up

  • Q1-7.8%
  • Q2- 6.2%
  • Q3-6.1%,
  • Q4- 5.9%

RBI MPC Meet LIVE Updates: Real GDP growth for FY24 projected at 6.5%

RBI MPC Meet LIVE Updates: India's economic activity remains resilient, with real GDP growth expected at 7% in FY23, says Das

  • Headline inflation remains well above central bank targets
  • Banking and NBFC sectors in India remain healthy

RBI MPC Meet LIVE Updates: Bank failures and contagion risks have brought financial stability to the forefront, says Das

RBI's repo remains unchanged at 6.5%

The MPC is ready to act if necessary, RBI Governor Shaktikanta Das said, even as the rate-setting committee remained focused on withdrawal of accommodation.

RBI MPC Meet LIVE Updates: 2023 began on a good note, says RBI Guv Das

RBI MPC Meeting Live: Factors affecting rates

The two key factors which the committee is expected to deliberate intensely while firming up the next monetary policy are elevated retail inflation and the recent action taken by central banks of developed nations especially the US Federal Reserve, the European Central Bank and Bank of England.

RBI MPC Meeting Live: Here are the key numbers on Das & co's table for policy decision

  • Growth:

World Bank cut the growth aim for India to 6.3% from 6.6% citing rising borrowing costs and slower income growth. These factors are seen to weigh on private consumption growth

  • Inflation:

Inflation slowed to 6.44% in February from 6.52% in January, staying above the mandated tolerance ceiling for a second straight month.

  • Forex Reserves:

India's foreign exchange reserves rose $5.98 billion to an over eight-month high of $578.78 billion as on March 24, 2023.

  • Trade Deficit:

India’s merchandise exports fell to $33.88 billion in February from $37.15 billion in the same month a year ago, while imports fell to $51.31 bn as against $55.9 bn in the same month last year.

  • Rupee movement:

The rupee rose up to 81.92 per dollar today to hit the highest level since March 13. The rupee has traded in a 80.88-82.95 per dollar band so far this year and was above 82.10 on Tuesday.

RBI MPC Meeting Live: India's forex kitty

India's foreign exchange reserves rose $5.98 billion to an over eight-month high of $578.78 billion as on March 24, 2023.

RBI MPC Meeting Live: At inflection point

ET Poll: Economists said the monetary policy is at an ‘inflection point,’ with a pause the most likely outcome after the April policy

rbi mpc meet live: RBI Monetary Policy Highlights: RBI has taken a good call, says FM Nirmala Sitharaman on decision to keep benchmark rate unchanged - The Economic Times (2)

MPC Meeting Live: 'RBI might step in to thaw conditions via ad hoc variable repo rate ops'

"While the central bank might step in to thaw conditions via ad hoc variable repo rate operations, preference will be to keep the net liquidity balance close to non-inflationary neutral or slight deficit, with relief expected by way of government spending or likely return in portfolio inflows," said Radhika Rao, senior economist at DBS Group Research.

RBI MPC Meeting Live: Banking system liquidity

Banking system liquidity has improved in recent days after having been in deficit towards the end of March. Liquidity surplus stood at 2.11 trillion rupees on Wednesday, its highest since Sept. 5 and more than double the 1.04 trillion rupees surplus in the previous session.

RBI MPC Meeting Live: Little change in bond yields

Government bond yields are expected to be little changed in the early session on Thursday, said Reuters. The 10-year benchmark 7.26% 2032 bond yield is expected to be in the 7.26 to 7.30% range till the policy decision, after closing at 7.2750% on Wednesday.

MPC Meeting Live: RBI's stance

The Reuters Poll showed that a majority of respondents, 20 of 36, expect the central bank would maintain its 'withdrawal of accommodation' stance while the remaining 16 said it would shift to neutral.

RBI MPC Meeting Live: A pause?

"Risk management considerations mean that MPC will opt for a pause in April," A Prasanna, head of research at ICICI Securities Primary Dealership told Reuters. The committee will retain its option to hike later by maintaining its phrase 'withdrawal of accommodation', he said, essentially holding on to its tightening bias.

RBI MPC Meeting Live: A look at composite PMI output

The S&P Global India Composite PMI Output Index -- which measures combined services and manufacturing output -- fell from 59.0 in February to 58.4 in March. Private sector sales rose for the 12th consecutive month in March, amid sustained increases at goods producers and service providers. "The overall pace of expansion was sharp, despite easing from February," the survey said.

RBI MPC Meeting Live: India's services sector growth

India's services sector growth moderated in March after hitting a 12-year high in February, as new business orders increased at a softer rate. The seasonally adjusted S&P Global India Services PMI Business Activity Index eased from 59.4 in February to 57.8 in March, indicating a slower rate of expansion.

RBI MPC Meeting Live: What's driving another hike?

"The need for another rate hike is driven by the elevated level of core inflation which has remained near or above 6% since middle of 2021," Gaura Sen Gupta, an economist with IDFC FIRST Bank told Reuters.

RBI MPC Meeting Live: Core inflation

Core inflation, which excludes volatile food and energy components, was also expected to have stayed high between 6.05%-6.12% in February, according to estimates from three economists. Unseasonal rains could keep food prices high and a surprise decision by OPEC and its allies to cut output recently has also pushed up oil prices which could add to imported inflation.

RBI MPC Meeting Live: Inflation woes

Retail inflation jumped 6.44% year-on-year in February, easing from 6.52% in January but has remained above the central bank's mandated target range of 2%-6% for 10 out of the last 12 readings.

RBI MPC Meeting Live: A seven-year high rate?

A large majority of economists, 49 of 62, told Reuters that RBI would lift its repo rate by 25 basis points to a seven-year high of 6.75% at the conclusion of its three-day meeting on April 6. The central bank has already raised rates by 250 basis points since May last year.

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rbi mpc meet live: RBI Monetary Policy Highlights: RBI has taken a good call, says FM Nirmala Sitharaman on decision to keep benchmark rate unchanged - The Economic Times (2024)
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