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IDFC Research Report
The monetary policy decision was largely expected to be a non-event with market participants expecting unchanged policy rate amid higher near term inflation prints.
Projections for growth and inflation, to be provided for the first time, were instead being looked forward to, to be poured over in order to gauge the future path of policy.
While these were duly provided (down 9.5% for real gross domestic product in FY 21 with risks to downside and inflation close to target by Q4 FY21) and rates were indeed left unchanged, the Reserve Bank of India and the monetary policy committee (MPC) have acted and spoken with remarkable clarity and emphasis, leaving no doubt whatsoever as to the thought and intent of monetary policy.
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