Announcing the MPC decision, Das said the forecast of above normal monsoon would boost agriculture and rural consumption. “Private consumption, the mainstay of aggregate demand, is recovering with steady improvement in discretionary spending in urban areas. Investment activity continues to gain traction on the back of expansion in non-food credit,” said Das.
RBI’s decision to hold rates comes a day after the European Central Bank cut interest rates and a month after US Fed chief Jerome Powell said that rate hikes were off the table. “There is a view that in matters of monetary policy, RBI is guided by the principle of following the Fed. I would like to unambiguously state that while we do keep a watch on the clouds that build up or clear out on the distant horizon, we play the game according to the local weather and pitch conditions,” the governor said.
According to RBI forecasts, inflation will briefly come within the target rate during the second quarter, thanks to a higher base effect. However, the inflation for FY25 has been retained at 4.5% – still above the target rate of 4%.
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