Mr. Naresh Takkar, MD & Group CEO ICRA Ltd on the RBI Monetary Policy announced today.
As expected, the RBI desisted from changing its key policy rate as it awaits clarity regarding the structural reforms and fiscal stance that the Union Government would adopt in the forthcoming Budget for 2017-18. While the Central Bank continued to describe its own stance as accommodative, it characterized the expected inflation trajectory as inertial, without factoring in the impact of the Pay Commission award. Presuming a normal monsoon in 2016 and fiscal consolidation along the previously announced trajectory, we expect further monetary easing to be limited to 25 bps in 2016.
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