Holistic management

Govt needed an ambitious fiscal road map

The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) surprised most analysts last week by unanimously leaving the policy rate unchanged. The committee noted it had raised the policy rate by 250 basis points so far since May 2022, and that is still working through the system. The MPC also committed itself to remaining vigilant and not hesitating in taking further action if required in future meetings. The decision was surprising because the retail inflation rate was above the upper end of the tolerance band for the last two months. In fact, it was above 6 per