To everyone’s surprise, RBI’s new monetary policy committee kept interest rates unchanged at 6.25% despite wide expectations of rate cut. It also lowered the GDP growth estimate to 7.1% from the earlier projection of 7.6%. This move is to keep inflation in check. The RBI cited the dollar’s surge and the increase in the prices of oil and commodities as two factors that could increase global volatility.
While on the …Continue reading »