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View on Monetary policy (June, 2023) By Deepak Agrawal, Kotak Mahindra Asset Management
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Below View on Monetary policy (June, 2023) by Deepak Agrawal, CIO- Fixed Income, Kotak Mahindra Asset Management Company
“India is in a sweet spot, based on RBI GDP growth estimate of 6.5% and Inflation estimate of 5.10% for FY 24. Given that global central bank are still in hiking mode and future path of Fed Fund rate is unclear, RBI did the right thing by keeping the monetary policy stance unchanged as “withdrawal of accommodation”. By Aug 2023 RBI will have more clarity on the El Nino risk on inflation and the future path of Fed Fund rate and can change the monetary policy stance to “Neutral” in Aug 2023.”
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