RBI expected to hike policy rates for 3rd time in row in fight against inflation

India’s inflation currently stands at 7 per cent and finance minister Nirmala Sitharaman said earlier this week that government has been trying to keep it under 6 per cent. 

Amid the battle against inflation, the Reserve Bank of India is expected to hike policy rates for the third time in a row on Friday as the central bank’s governor, Shaktikanta Das, addresses a briefing at around 10 am.The government has been trying to keep the inflation rate below 6 per cent, finance minister Nirmala Sitharaman said earlier this week. The current rate of inflation is at 7 per cent. In reply to a debate on prise rise in parliament, the finance minister said that the macro economic fundamentals of the country are strong, adding that “as compared to the peer group nations, emerging and advanced economies.”Meanwhile, since May, the RBI has raised rates twice and is expected to hike rates again to tame persistently high inflation. It is being anticipated that the hike may range between 25-50 basis points.The country’s retail inflation has shown some signs of easing in recent months.The second bi-monthly meeting of the RBI Monetary Policy Committee started on Wednesday. (With inputs from ANI, Reuters)

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