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RBI Guv hints at another rate hike

Next monetary policy committee (MPC) meeting scheduled on June 6- 8; Central bank to release new forecast for inflation in June

Reserve Bank of India Governor Shaktikanta Das
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Reserve Bank of India Governor Shaktikanta Das

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Mumbai: Reserve Bank of India Governor Shaktikanta Das has indicated that key policy rates will continue to go up for next few bimonthly monetary policy reviews, at least in the next meeting. He has also hinted at few other actions. He has made it clear that the steps initiated by RBI and the government will have sobering effect on inflation, going forward.

"We have entered into another phase of coordinated action between fiscal, monetary authorities on inflation. There may be few more actions from now to October on inflation," he said in an interview to a private television channel. However, he clarified that he was not in a position to give exact number in support of his predictions.

"Broadly RBI wants to raise rates in the next few meetings. There is no one-to-one correlation between an increase in government expenditure and borrowing," Das said. He said expectations of a rate hike are a no-brainer as inflation is a major area of concern even as economic recovery is steady and gaining further traction.

Kumud Das
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