RBI may not cut interest rates as significantly due to heatwave impact on food prices and agriculture.
The Reserve Bank of India (RBI) may not cut interest rates as significantly as expected due to ongoing heatwaves affecting food prices and agriculture in India. The Bank of Baroda report suggests the RBI will closely monitor monsoon rains, crucial for kharif crops, before deciding on rate cuts, potentially influencing future monetary policy actions. The Indian Meteorological Department predicts an above-normal monsoon for this year.
May 11, 2024
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