Despite inflation surpassing upper limit of 6%, RBI kept rates unchanged & since growth in income per head has been anaemic since 2019 polls, govt's happy to see attempts to rectify this.
Markets were expecting pause in rate hike cycle after 25 basis points hike but RBI gave no such assurance. Globally, too, central banks have continued to tighten monetary conditions.
Overall CPI inflation has been below 6% for last two months & growth is expected to slow in second half of FY23. But high core inflation could still result in marginal rate hike.
The NITI Aayog vice chairman says the government must speak to BJP chief ministers as his organisation has no more leverage with the states for a cut in oil
Indian refiners are testing Venezuelan barrels again as Russian supply sinks, but analysts say volumes will remain limited due to refinery constraints & supply capacity.
This is the game every nation is now learning to play. Some are finding new allies or seeing value among nations where they’d seen marginal interest. The starkest example is India & Europe.
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