7 Jun 2024 , 12:12 PM
The RBI MPC held policy rate steady for 5th time. However the voting changed to 4-2 with 2 MPC members voting for a rate cut. RBI upgraded FY25 GDP growth to 7.2% from 7%, which is positive. However, the RBI was concerned with sticky food inflation amid uptrend in global food prices and industrial commodity prices. Normal monsoon this year is critical for easing of food inflation. RBI also emphasized that there will not be any blind following of the Fed in terms of rate cut as they will give more weightage to local growth inflation dynamic. Overall, a prudent monetary policy in our view with potential rate cuts pushed in the 3rd quarter of FY25.
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