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Below the Views on RBI Monetary Policy Committee by Manish Jain, director - institutional business (equity & fi) division at Mirae Asset Capital Markets

RBI turned to be slightly dovish Little twist in quarterly numbers due to unfavorable quarter (extended monsoon and elections this year). But overall maintained annual estimates with improvement in 2nd half of year which is estimated to continue till next fiscal. Upcoming indicator prints will be unfavorable but the above average rainfall (will support agricultural growth), rising manufacturing activities, improving rural/ urban demand and rebounding investments will drive the growth. MPC highlighted concerns on the NBFC sector on unsecured loan segments; could expect slowdown in bank credit growth going forward Globally growth is resilient. Major central banks have started easing cycles and improving global trade will aid growth. Risks/ uncertainties from manufacturing slowdown, geopolitical escalations, adverse weather and US elections persist. Possible rate cuts in upcoming meetings. Continuation of inflation downward trend, strength in core sector growth and contained geo-political escalations will support the possible RBI pivotal.