Unanimity on rate, dissent on stance: MPC minutes

bility, robust economic fundamentals, and developments on the trade and investment fronts has created a rare window for monetary policy, in which remaining ‘neutral’ was not appropriate at a moment that demands a proactive signal to the economy.

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The RBI has estimated real GDP growth at 7.4% in 2025-26

“The exact quantum and timing of the further rate cut will depend on the incoming data, but a growth-supporting stance is very much consistent with a stable inflation outlook,” he said.

“Our base case is for the MPC to keep policy rates unchanged through FY26-27, though we expect more durable liquidity infusion measures to be announced,” Barclays said in a research note on Friday after the release of MPC minutes.