The next bi-monthly meeting of MPC is scheduled to be held from December 5th to 7th
4%
In August 2016, the central government notified 4 per cent CPI inflation as the target for the period from August 5, 2016 to March 31, 2021 with the upper tolerance limit of 6 per cent and the lower tolerance limit of 2 per cent.
Das' defence
On Wednesday, Governor Shaktikanta Das defended RBI's policies saying the economy would have taken a "complete downward turn" if it had started to tighten interest rates earlier. The RBI began raising interest rates in May to contain the high inflation in the backdrop of the Russia-Ukraine war and subsequent disruptions in the global supply chain.
Meet the MPC
The six-member Monetary Policy Committee (MPC) is headed by Governor Shaktikanta Das. The other members are: Shashanka Bhide, Honorary Senior Advisor at National Council of Applied Economic Research, Delhi; Ashima Goyal, Emeritus Professor at Indira Gandhi Institute of Development Research, Mumbai and Jayanth R Varma, Professor at Indian Institute of Management, Ahmedabad as well as RBI Deputy Governor Michael Debabrata Patra and RBI Executive Director Rajiv Ranjan
Committee convenes
The Reserve Bank's rate setting panel on Thursday met to finalise a report for the government on why it failed to keep retail inflation below the target of 6 per cent for three consecutive quarters since January this year, said sources. The report will be presented to the government as per the Reserve Bank of India Act, they added.
Rate hike on the cards
A December rate hike by India's rate-setting panel is still widely expected. However, analysts are divided over the next rate increase, with some of them seeing another 35 bps hike in December while others say the next rate move will be data-dependent.
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