India’s Rate Setters Decided to Wait and Watch Conflict Impact

India’s policy makers decided to pause in April to get a clearer picture of the shock caused by the war in the Middle East, minutes of the last meeting showed.

The six-member Monetary Policy Committee, headed by Reserve Bank of India Governor Sanjay Malhotra, voted unanimously to keep the repurchase rate unchanged at 5.25% at its April 6-8 meeting. It maintained a neutral stance after a temporary ceasefire raised hopes of an early end to the conflict and normalization of supply chains.