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Nirmal Bang Report
The Monetary Policy Committee of the Reserve Bank of India unanimously decided to keep rates on hold as was widely expected while reiterating that it would maintain the accommodative stance for as long as necessary.
This is despite an upward revision in inflation projections to 6.8% for Q3 FY21, 5.8% for Q4 FY21 and 4.65.2% for H1 FY22.
The MPC is of the view that inflation is expected to remain elevated, barring transient relief in the winter months from prices of perishables.
This constrains monetary policy from using the space available to support growth.
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