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Jayanth Varma, the dissenting member of the Reserve Bank of India's policy committee, argued that high interest rates impede investments and called for a shift in the policy stance. Shashanka Bhide emphasised the importance of focusing on the inflation target for supporting growth.
All six members of the Reserve Bank of India's (RBI's) monetary policy committee (MPC) expressed caution over food inflation during the December review, while two external members warned about high real interest rates as headline inflation approaches its target of 4 per cent. The central bank continued to maintain the status quo on both the repo rate and the stance in the December monetary policy. India's retail inflation in November rose to 5.5 per cent - its fastest pace in three months - due to higher food prices.
The country's Monetary Policy Committee (MPC) has underlined the need to keep a close watch on the upside risk to inflation emanating from uncertainty over food prices, according to the minutes of the December meeting which were released on ...
Mumbai: All the six members of Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) expressed concern over food inflation, and two external members cautioned against the elevated real interest rates as headline inflation nears its 4 percent target, media reports said, citing the minutes of the meeting.
RBI was quick to underline that the decision to maintain status quo on rates in April was merely a pause and should not be construed as the end of the rate hike cycle.