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Most members of the Reserve Bank of India s monetary policy committee (MPC) decided to stick to the course on bringing retail inflation to the target of 4 per cent while voting for maintaining status quo in the April review, except external member Jayanth Varma who voted for a 25 bps cut in the repo rate.
I believe that the extant monetary policy setting is well positioned, RBI governor Shaktikanta Das said in the minutes of the policy review, which came out on Friday.
Monetary policy transmission is continuing and inflation expectations of households are also getting further anchored. ....
External member Varma believes that a real policy rate of 1-1.5% is sufficient to glide inflation to the target. The current real rate of around 2% risks an unwarranted growth sacrifice. ....
Ashima Goyal emphasized India s resilience to supply shocks and anchoring of inflation expectations. Bhide expects food inflation to ease in 2024. Both acknowledged inflation risks from geopolitical tensions. ....
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