The Reserve Bank of India’s April Monetary Policy Committee minutes leave little doubt about its directional shift. With inflation well below target and global trade disruptions dimming growth prospects, the RBI has lowered rates, adopted an accommodative stance, and ramped up liquidity infusion. The cumulative easing now stands at 50 basis points in 2025, and markets are already pricing in another 50 bps by October. Some economists even see scope for a cut to 5.00–5.25% from the current 6.00%.Yet this decisive turn contains a useful friction—a built-in speed bump—most clearly voiced by MPC member Saugata Bhattacharya.
.png)
