The Reserve Bank of India s Monetary Policy Committee (MPC) has maintained its stance and kept rates unchanged for the sixth consecutive meeting. Despite expectations for a change in policy stance due to easing core inflation and a fiscally prudent interim budget, the MPC opted to continue with the "withdrawal of accommodation" stance. Economists suggest the RBI may be hinting at delinking its stance with liquidity management. Bond yields initially dipped on expectations of a change in stance
Interim Budget: The upcoming interim budget is crucial in terms of fiscal prudence and setting the path for achieving the fiscal consolidation target. Credit rating agencies are closely watching for any signs of fiscal slippage. The budget will provide a glimpse into the government s fiscal strategy and its seriousness about debt sustainability. Recent fiscal measures, such as LPG price cuts and increased support for lower-income groups, have been aimed at appeasing citizens. The government s focus on fiscal prudence and productive capex is expected to continue in the budget.
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