RBI Monetary Policy Commentary – Sakshi Gupta, Principal Economist, HDFC Bank

Varahi media.com online news,April 9th,2025: The RBI delivered a clear dovish signal in today’s monetary policy announcement by cutting the repo rate by 25 basis points and shifting its polic

Varahi media.com online news,April 9th,2025: The RBI delivered a clear dovish signal in today’s monetary policy announcement by cutting the repo rate by 25 basis points and shifting its policy stance to ‘accommodative’.

This combination marks a decisive turn in the central bank’s approach, indicating the likelihood of further rate reductions in the near term. We anticipate two additional rate cuts in 2025, with the next cut expected in the June policy meeting.

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ఇది కూడా చదవండి...తమిళిసై కుటుంబానికి పవన్ కళ్యాణ్ ప్రగాఢ సానుభూతి

As systemic liquidity improves—projected to remain above neutral for the current quarter—we also expect stronger transmission of rate cuts to both money market and deposit rates.

On the growth front, the RBI revised its FY26 GDP growth forecast down by 20 basis points to 6.5%, acknowledging growing global uncertainties, particularly around trade and tariff tensions.

ఇది కూడా చదవండి...మార్క్ శంకర్‌ ఆరోగ్య పరిస్థితిపై వైద్య పరీక్షలు

ఇది కూడా చదవండి...పంచాయతీల సమస్యల పరిష్కారానికి కట్టుబడిన కూటమి ప్రభుత్వం : ఉప ముఖ్యమంత్రి పవన్ కళ్యాణ్

Should these global headwinds persist or worsen, there remains a downside risk to the RBI’s projections. Based on our assessment, and assuming partial rollback of recent tariff announcements through effective bilateral negotiations, we project GDP growth at 6.3% for FY26.