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SBI Research Report
As expected, Reserve Bank of India decided to keep policy repo rate unchanged at 4% (seventh straight time) and decided to continue with the accommodative stance as long as necessary.
While the rate cut decision was always going to be universally a consensus, the voting on accommodative stance witnessed a dissent.
The Governor's communication has been however very clear that RBI will do 'whatever it takes' to protect growth.
While the policy strikes a delicate balance between reinvigorating growth and keeping inflation in check, it seems that RBI growth projections being retained at 9.5% is more of a statistical artefact as Q1 growth numbers have been revised upwards, while Q2-Q4 growth numbers have been significantly downgraded.
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