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Informist, Wednesday, Apr. 23, 2025

MUMBAI - Following are the highlights of the minutes of the Apr. 7-9 meeting of the Reserve Bank of India's Monetary Policy Committee, released by the central bank on Wednesday:

SANJAY MALHOTRA

* Not immune to aftershocks, ripple effects of global issues

* See positive spin-off from likely crude oil, commodity prices fall

* See positive spin-off to economy from relative tariff advantage

* Robust domestic demand to cushion external headwinds' impact

* 6.5% growth projection for FY26 lower than what we aspire for

* Fall in crude oil prices to impart softening bias to CPI outlook

* See inflation well aligned to 4% target in FY26

* Monetary policy needs to aid local demand to boost growth

M. RAJESWAR RAO

* Current economic environment calls for promptness in policy actions

* Global uncertainty demands decisive policy support to growth

* GDP growth could face a downward pressure

RAJIV RANJAN

* All pervasive tariff now reality, to hit global trade, growth

* Indian inflation has entered a decisive softening phase

* Risks to India's growth outweighing those to inflation

* Disinflation progress offers latitude to policy to aid growth

* While reasonable, India's growth lower than our aspirations

* Growth needs policy impetus amidst challenging global environ

* Must use current global tumult to reform Indian economy

RAM SINGH

* Outlook for food inflation has turned decisively positive

* Fall in crude oil prices augurs well for inflation outlook

* Stable commodity price forecast augurs well for CPI outlook

* India's FX reserves substantial, rupee "holding up well"

NAGESH KUMAR

* Need to take steps to save local industry from China goods dumping

* Could be more ambitious and cut repo rate by 50 bps

* Potential recession from trade wars may affect India growth

* Trade war may adversely affect FDI inflows, private capex

* One 50 bps rate cut may be more effective than 2 cuts of 25 bps

* Given global uncertainty, can cut repo rate in phased manner

SAUGATA BHATTACHARYA

* Inflation in India likely to remain moderate over FY26

* Global tariff moves may further decelerate India growth

* India FY26 external balance might become a concern

* Inflation path opens up more space for policy easing

* Accommodative stance doesn't guide for pre-decided easing

End

Compiled by Akash Tirlotkar

Filed by Ashish Shirke

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