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Indias monetary policymakers have underscored the need for durable control over inflation, which faces upside risks due to volatile food and energy prices, although sustained robust growth has now given Mint Road more than adequate elbow room on rate action.

In the last monetary policy committee (MPC) review on rates earlier this month, the panel decided to keep the policy rates unchanged, stretching the status quo on the cost of funds to at least 16 months.