RBI MPC member bats for two inflation rates for better policy making

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RBI MPC member bats for two inflation rates for better policy making - Business Standard

Quick Summary:

Chief Economic Advisor V Anantha Nageswaran in the Economic Survey 2023-24 had pitched for excluding food inflation from the rate setting calls, saying that the monetary policy has no bearing on the prices of food items, which are dictated by supply side pressures.

RBI Monetary Policy Committee member Nagesh Kumar has suggested that there should be two inflation rates - one including food prices and the other without food prices - so that relevant rates could be taken into account for policy making.

India's economic growth rate is estimated to slip to a four-year low of 6.4 per cent in 2024-25, mainly on account of poor showing by the manufacturing and services sector, according to government data.