Aditi Nayar (for Info only, not official)

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Aditi Nayar

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    ...Providing no major surprises, the committee reiterated its focus on guarding against risks to achieving the medium-term inflation target of 4%, thereby reinforcing its independence. The status quo followed from the rapid uptick in CPI inflation to 3.4% in August 2017 from the series-low 1.5% in June 2017, which coincided with mounting global geopolitical uncertainty and financial market volatility. In line with our expectation, the decision to keep the repo rate unchanged was not unanimous, with one member voting for a reduction of 25 basis points (bps), highlighting the variation in individual members’ prognosis of the inflation-growth dynamics. ...

    Live Mint on Oct. 5, 2017, 12:18 a.m.

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    ...In line with our expectation of a non-unanimous rate cut, the vote to reduce the repo rate to 6.0% from 6.25% was taken by a margin of 4-2. Interestingly, one member voted for an even larger reduction of 50 bps, while the other dissenting member favoured a status quo. From the close consensus displayed in their early meetings, the MPC members’ views regarding the extent of inflation risks have become more nuanced over the last year, and the minutes of this meeting will be carefully parsed for clues regarding the future outlook for Indian monetary policy. ...

    Live Mint on Aug. 3, 2017, 2:01 a.m.

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    ...In line with our expectation of a non-unanimous rate cut, the vote to reduce the repo rate to 6.0% from 6.25% was taken by a margin of 4-2. Interestingly, one member voted for an even larger reduction of 50 bps, while the other dissenting member favoured a status quo. From the close consensus displayed in their early meetings, the MPC members’ views regarding the extent of inflation risks have become more nuanced over the last year, and the minutes of this meeting will be carefully parsed for clues regarding the future outlook for Indian monetary policy. ...

    Live Mint on Aug. 3, 2017, 2:01 a.m.

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    ...The inflation risks highlighted by MPC, such as the impact of monsoon dynamics on food inflation, increased allowances related to the seventh pay commission, one-off impact of the goods and services tax (GST) and global reflation risks, lent a hawkish tint to the policy document, spurring a modest intraday rise in yields on government securities (G-secs). Moreover, the assessed trajectory of CPI inflation, which MPC expects would rise from 4.5% in the first half of FY18 to 5% in the second half of FY18, and the retention of the baseline growth forecast for FY18 at 7.4%, cemented the expectation that the repo rate would be kept on hold during 2017. The more pressing issue to be addressed in the policy review was measures to manage the prolonged liquidity surplus. ...

    Live Mint on April 7, 2017, 1:35 a.m.

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    ...However, this was the only major surprise in the December policy statement. As expected, the accommodative stance on monetary policy and the neutral stance on liquidity were retained, and the recent cash reserve ratio (CRR) hike was rolled back. Moreover, the gross value-added (GVA) growth forecast for FY2017 was cut by 50bps to 7.1% from 7.6%, with evenly balanced risks. The MPC assessed the impact of currency replacement on the economy to be transitory but evolving at present, with a moderation in growth in Q3 FY2017 likely to be followed by a subsequent strong rebound. ...

    Live Mint on Dec. 8, 2016, 2:56 a.m.