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The Reserve Bank of India will not cut interest rates in June, and would wait for the outcome of the global slowdown before doing so.
“We are only starting to see some impact in India,” said the central bank chief, Urjit Patel. “So, it would take a while before we are looking at taking a decision.”
“We want to be ready, but the timing would not be about quantitative easing, but more about being ready,” he told a press conference on Wednesday, the first day of the annual Central Board of Direct Investment (CBDI) meeting in New Delhi.
In the last five years, we have not had to do rate cuts, or quantitative easing.
As a result, the central bank’s policy rate is currently at 4.25 per cent.
Patel, who is also the RBI’s Deputy Governor, said the bank was willing to take some more risks to boost growth. However, this would require cooperation from the government.
“We need time to be able to continue to improve our growth momentum. While we want to push into higher growth rate, we don’t think it should be at the cost of further risks,” he said. “We have seen a good response in the fiscal space, but the trade and external scenario is also weighing on us.”
India’s current account deficit, or net trade with the rest of the world, came in at $13.4 billion in January, down from $14.9 billion in the previous month.
Patel said while the RBI was already in a gradual tightening stance, the central bank was planning to address rising inflation.
“While monetary conditions had already started to tighten, we were looking at further tightening. But with the external situation, it would not be a knee-jerk reaction on rate
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