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Reserve Bank of India governor Raghuram Rajan re-established his credentials as an inflation hawk by keeping key interest rates unchanged on Tuesday.
In This Pic : Raghuram Rajan
Pic Courtesy : BCCL
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RBI added that the success of ongoing government actions in removing infrastructural constraints will be key to reviving growth.
In This Pic : RBI keeps interest rate unchanged
Pic Courtesy : Getty Images
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In the fifth bi-monthly
policy the RBI said that it will keep the policy repo rate under the
liquidity adjustment facility (LAF) unchanged at 8.0 per cent; keep the
cash reserve ratio (CRR) of scheduled banks unchanged at 4.0 per cent of
net demand and time liabilities (NDTL); continue to provide liquidity
under overnight repos at 0.25 per cent of bank-wise NDTL at the LAF repo
rate and liquidity under 7-day and 14-day term repos of up to 0.75 per
cent of NDTL of the banking system through auctions; and continue with
daily one-day term repos and reverse repos to smooth liquidity.
In This Pic : RBI keeps interest rate unchanged
Pic Courtesy : Getty Images
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"Retail inflation, as
measured by the consumer price index (CPI), has decelerated sharply
since the fourth bi-monthly statement of September. This reflects, to
some extent, transitory factors such as favourable base effects and the
usual softening of fruits and vegetable prices that occurs at this time
of the year. On the other hand, protein-rich items such as milk and
pulses continue to experience upside pressures, reflecting structural
mismatches in supply and demand. The absence of adequate administered
price revisions in inputs like electricity has contributed to the easing
of inflation in the fuel group," Rajan said in his policy statement.
In This Pic : Raghuram Rajan
Pic Courtesy : BCCL
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The rally in the bond market was triggered by a perception that Rajan was winning the war against interest rates.
In This Pic : Raghuram Rajan
Pic Courtesy : Getty Images
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