India's central bank upheld its interest rates for the ninth consecutive session on Thursday.
The Monetary Policy Committee of the Reserve Bank of India, led by Governor Shaktikanta Das, voted 4-2 to keep the policy repo rate steady at 6.50 percent.
As anticipated, the decision reflected expectations, with committee members Ashima Goyal and Jayanth Varma casting votes for a 25 basis points reduction in the policy repo rate.
The rate has been held at 6.50 percent since February 2023.
The MPC reaffirmed its 4-2 vote to focus on the withdrawal of accommodation to ensure inflation progressively aligns with the target while supporting economic growth.
Governor Das emphasized the bank's steadfast commitment to achieving a durable alignment of inflation with the 4 percent target.
The MPC underscored the importance of maintaining a disinflationary stance until there is a sustained alignment of the headline CPI inflation with the established target.
The inflation projection for 2024-25 remains at 4.5 percent, with balanced risks.
The central bank also maintained its growth forecast for the current financial year at 7.2 percent.
