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ICRA Research Report
In the third Bi-Monthly Monetary Policy Statement for FY22, the six-member Monetary Policy Committee maintained a status quo on the policy rates in a unanimous decision.
While it also decided to continue with the accommodative stance, this vote was not unanimous (5:1), revealing unease on the inflation outlook.
In line with our anticipation, the MPC has increased its consumer price index inflation forecast for FY22 to 5.7% from 5.1%.
While it has retained its projection of the real gross domestic product expansion at 9.5% for FY22, the quarterly projections have undergone a revision.
The Reserve Bank of India has decided to progressively hike the size of variable reverse repo rate auctions to Rs. 4.0 trillion by end-September 2021.
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