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Economy, interest rates and jobs

Have conditions in the real economy altered dramatically in the last two months?

A V Rajwade 

A V Rajwade After last week’s monetary policy statement, several analysts have commented on the revisions in inflation expectations of the Monetary Policy Committee (MPC) between April and June: From 4.5 per cent in the first half of 2017-18 then to 2 to 3.5 per cent now; the corresponding numbers for the second half are 5 and 3.5 to 4.5. (Lest we forget, the inflation target is 4 per cent +/- 2 per cent). The chief economic advisor (CEA) has been quoted as saying that “inflation forecast errors by the RBI have been large and systematically one-sided in overstating (future) ...

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First Published: Thu, June 15 2017. 02:22 IST
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