The Reserve Bank of India’s latest Monetary Policy Committee (MPC) minutes reveal that global investors remain cautious and financial markets continue to experience volatility, RBI Governor Sanjay Malhotra said, highlighting ongoing external uncertainties.
The MPC, which met from February 4–6, kept the policy rate unchanged at 5.25%, noting that India’s growth outlook remains strong while inflation remains benign. Despite this favourable domestic forecast, the minutes pointed to continued volatility in global financial markets, with investor sentiment subdued amid geopolitical tensions and trade frictions.
Governor Malhotra emphasised that, although global economic growth is expected to be marginally higher in 2026 due to supportive fiscal and monetary policies and increased technology investment, inflation trajectories are diverging across countries. As a result, central banks may adopt differing policy approaches as they approach the end of their easing cycles.
Referring to the minutes, Malhotra said that growth-supportive measures in India’s Union Budget will help bolster domestic expansion, while recent trade deals with the US and EU have improved the external sector outlook. However, the nervousness among global investors reflects broader uncertainties about the international economic environment.
Deputy Governor Poonam Gupta noted that India’s GDP growth remains robust and is likely to continue into the next fiscal year, with inflation expected to stay subdued across sectors. She reiterated that future monetary policy moves will be data-dependent, emphasising flexibility in the RBI’s approach going forward.
External MPC member Ram Singh observed that domestic drivers of growth remain strong, supported by improved trade prospects and investment activity.
In summary, the RBI’s MPC minutes underscore a cautiously optimistic domestic outlook counterbalanced by global financial market volatility, with policymakers signalling readiness to adjust stances based on evolving data.
Reserve Bank of India (RBI) ke latest Monetary Policy Committee (MPC) minutes se pata chalta hai ki global investors abhi bhi cautious hain aur financial markets mein volatility bani hui hai. RBI Governor Sanjay Malhotra ne kaha ki global uncertainty ke chalte investor sentiment weak hai.
MPC ki meeting February ke pehle hafte mein hui thi, jahan policy rate ko 5.25% par unchanged rakha gaya. RBI ka maanna hai ki India ka growth outlook strong hai aur inflation manageable range mein hai, lekin global factors risk create kar rahe hain.
Governor Malhotra ne highlight kiya ki duniya bhar mein inflation aur growth ka trend alag-alag direction mein ja raha hai. Is wajah se major central banks apni monetary policy alag tareeke se handle kar sakte hain. Geopolitical tensions aur trade-related uncertainty bhi markets ko impact kar rahi hai.
Deputy Governor Poonam Gupta ne kaha ki India ki GDP growth momentum strong bana hua hai aur aage bhi sustain ho sakta hai. Inflation par RBI nazar bana kar rakhega aur future policy decisions data-dependent honge.
MPC member Ram Singh ne bhi kaha ki domestic demand aur trade outlook mein improvement se economy ko support mil raha hai.
Overall, RBI ke minutes yeh signal dete hain ki India ki economy stable track par hai, lekin global volatility ke chalte central bank cautious approach maintain karega.