India must spur growth amid low inflation: MPC

Most of the six-member MPC were in favour of spurring growth in Asia’s third largest economy amid a soft inflation outlook on a sustained fall in food prices, the minutes of the February monetary policy meeting showed. The MPC delivered a surprise repo rate cut in a 4-2 split vote this month while members unanimously agreed to move the policy stance to ‘neutral’ from ‘calibrated tightening’.

The MPC meeting was the first for central bank Governor Shaktikanta Das after the abrupt exit by his predecessor, Urjit Patel. Patel was known for his hawkish stance on interest rates, but Das downplayed inflation concerns and hinted at more rate cuts.