The war against inflation has not yet been won, and it would be premature to declare an end to the current tightening cycle, RBI’s Monetary Policy Committee (MPC) member Jayanth R. Varma remarked in his statement in the last MPC meeting, the minutes of which were released by the Reserve Bank on Thursday reveal.
Mr. Varma had expressed reservations on the second resolution, namely: “MPC decided to remain focused on withdrawal of accommodation to ensure that inflation progressively aligns with the target. While supporting growth, he wrote, “I cannot put my name to a stance that I do not even understand. At the same time, it is clear that the war against inflation has not yet been won, and it would be premature to declare an end to this tightening cycle.”
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