In its monetary policy statement, the RBI projected the real GDP growth for the current fiscal at 6.5%, while the retail inflation was projected at 5.4%.
While status quo on rates was expected, there was difference of opinion on stance, which was also left unchanged to focus on withdrawal of accommodation to ensure inflation aligns with 4% target.
Central bank’s rate-setting body felt that it was time to assess impact of past hikes, while also staying ready to increase interest rates again if needed, said RBI Governor Shaktikanta Das.
RBI is expected to raise its benchmark rate for the 7th consecutive meeting & leave the door open for more increases to bring inflation back within its target range, economists said.
Goyal was one of the 2 members who voted against a rate hike and for the policy stance to be changed to 'neutral' from the current 'withdrawal of accommodation' at the February meet.
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.
While overall inflation is moderating, high and persistent core inflation remains a worry, as does the uncertain global growth & inflation environment, the governor said.
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