What did RBI's Deputy Governor said on Inflation?

India's most prominent and central bank Reserve Bank of India (RBI)'s Deputy Governor Michael Patra said World Uncertainties made the fight against Inflation Tough and complex. During MPC Meeting, RBI increased the repo rate from 0.25% to 6.5% this financial year. According to the details, two or three external members in the MPC were not in favor of raising the repo rate this month. According to Business Standard, The monetary policy committee is a six-member panel which sets the repo rate. Repo rate acts as a benchmark for all other interest rates in the economy.

Deputy Governor Patra stated that There is some consensus about more recession than previously. RBI Governor Shaktikanta Das, head of the six-member MPC, also said that overall geo-political tensions, volatility in global financial markets, rise in non-oil commodity prices, volatility in crude prices and weather-related uncertainty made the fight tough .

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