Caution on inflation

The Reserve Bank of India (RBI) last week released the minutes of the meeting of the Monetary Policy Committee (MPC), conducted earlier this month. In that meeting, the six-member MPC had left the repo rate unchanged at 4 per cent, while maintaining an accommodative stance. This was a unanimous decision of the six members. The minutes now reveal that the members of the MPC seem to believe that their duty is to support growth recovery from the pandemic. In the minutes, Governor Shaktikanta Das specifically says that “the second wave of the virus has necessitated the continuation of moneta.....

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