RBI MPC speech: Weak monsoon, strong El Niño, rabi season, global crude prices - What Governor Sanjay Malhotra conveyed
RBI Governor Sanjay Malhotra announced a 25 basis points hike in the repo rate, changing the stance to 'calibrated tightening'. He noted that global inflation is expected to rise due to escalating energy costs and food prices, while a weak monsoon and El Niño may affect the rabi season. The MPC also revised GDP growth projection for 2027 to 7.1%.