The year of the pause: How RBI maneuvered its policy in 2024
Finance Minister Nirmala Sitharaman and Commerce Minister Piyush Goyal have both called for lower borrowing costs in recent months, and some economists have said the RBI could be doing more to encourage lending to boost growth.
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But what was the rationale behind the RBI’s decision to hold rates steady throughout all six MPC meetings this year? It kept its war on stubborn inflation going even after the GDP growth slowdown.
February
The RBI's job to bring down inflation is not over, and any “premature move” on the policy front could undermine the success achieved so far on the price situation, Das said at the February MPC meeting. Das had said that at this juncture monetary policy must remain vigilant and «not assume that our job on the inflation front is over». He stressed that the MPC must remain committed to successfully navigating the «last mile» of disinflation that can be sticky. Das made the remarks while voting for status quo in the key interest rate in the MPC.
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