Quite risky to cut rates at this stage: RBI Guv Shaktikanta Das
interest rates right now would be hasty and potentially fraught with risk as inflation remains above target and will stay there in the near term, Reserve Bank of India (RBI) governor Shaktikanta Das said.
“Inflation is moderating, with certain risks about which we have to be very vigilant,” Das said at an event organised by Bloomberg on Friday. “Therefore, a rate cut at this stage will be very premature and can be very, very risky. When your inflation is 5.5% and the next print is also expected to be high, you can’t be cutting rates at that point.”
India’s retail inflation rose to a nine-month high of 5.49% in September, driven by a rise in food prices.
The RBI’s inflation target is 4% with a two percentage point tolerance band on either side of that number. While detailing the RBI’s monetary policy statement earlier this month, Das had said that September inflation would register a large jump and that the October figure would be high too.
“But thereafter, going into November and December, we expect inflation to moderate,” Das said.
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