RBI likely to lay ground for interest rate cut on easing of major economies

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RBI likely to lay ground for interest rate cut on easing of major economies - Business Standard

Quick Summary:

Governor Shaktikanta Das has so far dismissed calls for rate cuts, concerned that high food prices will prevent inflation from staying at the 4 per cent target level on a sustainable basis.

India’s new monetary policy committee may lay the ground for an interest rate cut on Wednesday as a wave of global easing kicks off and growth in the world’s fastest-expanding major economy moderates.

In the past two MPC meetings, external members Ashima Goyal and Jayanth Varma voted for rate cuts stating, arguing that the RBI’s insistence on keeping rates high was damaging growth.