New Delhi, April 6 -- The Reserve Bank of India's (RBI) rate-setting Monetary Policy Committee (MPC) meets today for the first of its six three-day bimonthly meetings for fiscal year 2026-27.

Understandably, all eyes are on the MPC; in particular, on the governor's statement at the end of it. But expectations of rate action are virtually non-existent.

From a scenario where GDP growth was doing well and inflation was well within our target range, though higher after the consumer price index was recast with 2024 as its base, we now face a scenario that is diametrically different.

Economic growth shows signs of slowing, while inflation edges up. True, we will have to wait till the end of May to get updated GDP numbers, but high-frequency ...