RBI on hold despite weak growth and inflation

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The Reserve Bank of India caught markets by surprise on November 5 with a vote to hold interest rates, despite weak inflation and a deteriorating growth outlook.

The monetary policy committee (MPC) was unanimous in its decision to keep the policy rate at 5.15%. “The MPC recognises there is monetary policy space for future action,” the RBI said in a statement. “However, given the evolving growth-inflation dynamics, the MPC felt it appropriate to take a pause at this juncture.”

The inflation

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