MUMBAI: The Reserve Bank of India is unlikely to react yet to multi-month high retail prices as economic recovery remains its prime focus amid the deadly second wave of the pandemic, according to two senior sources aware of the central bank's thinking.
India's economy grew 1.6 per cent in the March quarter compared with the same period a year earlier, but that was before a massive second wave of infections hit the country which prompted fairly stringent lockdowns across most states causing another round of job losses and a significant dent to demand.
The central bank earlier this month reiterated its commitment to keeping monetary policy accommodative as long as necessary to revive and sustain growth on a durable basis."There is no way RBI can react to inflation at this stage," a second source said. India's benchmark 10-year bond yield rose to an over six-week high of 6.04 per cent following the CPI data as traders worry the RBI will need to react to inflation sooner rather than later after it breached the RBI's 2 per cent to 6 per cent mandated band.
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