As per the RBI Governor Shaktikanta Das, while there is still room for further monetary policy action, the Committee on Monetary Policy (MPC) has chosen to wait and watch, while keeping the ‘arsenal’ dry and use wisely to promote growth which has been hard hit by the COVID-19 pandemic. He has also added not to go soft on inflation. Though major rate cuts to boost development had been given for the last year and a half, development has deteriorated gradually since February 2019. The six members of the MPC has voted for the status quo and have kept interest rate unchanged.
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