There is no surprise in the outcome of the three-day meeting of the Monetary Policy Committee (MPC) that ended on Friday.
Based on “an assessment of the evolving domestic and global macroeconomic and financial conditions and the outlook”, the Indian central bank’s rate-setting body has kept the policy rates unchanged. The decision is unanimous. It is also in favour of continuing with the accommodative stance “as long as necessary” to “revive and sustain growth on a durable basis”. Just one of the six members of the MPC did not support this.
Still, the subtext of this policy is a bit
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