Highlights of the minutes of RBI's MPC meeting of Aug 3-5
This story was originally published at 17:44 IST on 19 August 2026
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MUMBAI - Following are the highlights of the minutes of the Aug. 3-5 meeting of the Reserve Bank of India's Monetary Policy Committee, released by the central bank Wednesday:
SANJAY MALHOTRA
* Economy performed better than expected in Q1
* India economy expected to remain resilient going ahead
* 6.7% growth projected for FY27 is robust, given headwinds
* Inflation inching up
* Growth-inflation dynamics similar to last policy meeting
* Need policy action for supply shock when CPI generalises
* Need policy action for supply shock when inflation persistent
* Inflation expectations, while slightly higher, are contained
* Inflation expected to taper from its peak in Q3
POONAM GUPTA
* Global uncertainties flared in Jul after abating slightly Jun
* Outlook on prices, availability of oil, energy pdts has improved
* Quantum, distribution of rainfall improved in recent weeks
* High-freqency data shows resilience, supporting growth momentum
* Aug GDP, CPI forecasts assume average crude oil price at $90/bbl
* Scope for further easing does not seem to exist currently
* Case for a hike may emerge during course of yr on high Q3 CPI
* Best course of action to wait and watch amid uncertainty
* Awaiting weather-related uncertainties to settle
* Paused to gauge how far supply side inflation gets entrenched
* Paused to get more clarity on the global front
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