The Reserve Bank of India’s Monetary Policy Committee voted unanimously to keep interest rates unchanged for the 10th consecutive time citing global uncertainties and concerns over rising prices. RBI Governor Shaktikanta Das said food inflation has remained within its projections and is expected to soften however, the hardening of crude oil prices remains an upside risk. “The MPC decided by a majority of 5 to 1 to continue with the accommodative stance as long as necessary to revive and sustain growth on a durable basis and continue to mitigate the impact of COVID-19 on the economy, while ensuring that inflation remains within the target going forward,” the central bank said. The central bank has projected CPI inflation for the upcoming fiscal 2022-23 to be at 4.5%.
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