India to appoint new MPC members ahead of key rate meeting where interest rates may be cut.

India will appoint new external members to its Monetary Policy Committee (MPC) ahead of a key rate meeting, where the MPC may face pressure to cut interest rates. The RBI's benchmark interest rate has remained unchanged for over 18 months, with economists not expecting a rate cut until the final quarter of the year. The appointment of new MPC members coincides with the government beginning the process of revising its consumer price index, with the possibility of a sharp cut in the weighting of food to curb inflation spikes.

August 22, 2024
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