Members of the Reserve Bank of India’s monetary policy committee (MPC) have cautioned against excessive tightening of interest rates, warning that it could lead to an unexpectedly sharp slowdown in economic growth and may prompt a sudden reversal in rate action.
“In the current situation of high inflation, monetary policy does not have the luxury of responding to these growth headwinds. In fact, it is almost axiomatic that monetary action can cool inflation only by suppressing demand. However, policymakers must be vigilant against overshooting the terminal policy rate, thereby slowing the economy to a greater extent than what is needed to glide inflation to the target," said MPC member Jayant Varma.
この記事は Mint Mumbai の April 21, 2023 版に掲載されています。
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