Monetary policy in the country moved into a tightening mode in May 2022 amidst inflationary pressures emanating from the conflict in Ukraine, rise in international commodity prices, disruption of supply chains and volatility in global financial market.
"Overall, a well-balanced policy on expected lines with remote likelihood of any more rate hikes for now. A long wait for rate cut cycle as MPC re-iterates its commitment on 4% inflation target," says Vikas Garg, Head of Fixed Income, Invesco Mutual Fund.