The Reserve Bank of India’s (RBI) monetary policy committee (MPC) is expected to maintain the repo rate at 6.5% during its policy meeting scheduled for 6-8 June. All ten economists polled by Mint expect policy rates to remain unchanged. Most economists predict inflation for FY24 to be lower than the RBI’s projection of 5.2%. Retail inflation has eased to an 18-month low of 4.7% in April and growth has come in much higher than expected at 6.1% for the fourth quarter of the year ended 31 March 2023. The economists polled expect a further fall in retail inflation in May. RBI is expected to leave its growth forecast unchanged at 6.5%. However, some economists claim that the RBI may change its policy stance to neutral from the withdrawal of accommodation at present. There is a strong case for RBI to retire the phrase ‘withdrawal of accommodation’, according to Pankaj Pathak, Fund Manager, Fixed Income, Quantum Mutual Fund.
RBI likely to keep interest rate hike on hold
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