Nomura: Reserve Bank of India keeps rates unchanged, focuses on growth and inflation risks

She said that the policy statement shows the Reserve Bank of India will focus on second-round inflation effects rather than headline data, and it is expected that headline figures will rise to nearly 6% in the fourth quarter. Based on the current statement, there is no indication that the Reserve Bank of India intends to raise interest rates, not even in August. Varma said, "Today's decision to leave rates unchanged further proves that the Reserve Bank of India is a traditional, inflation-targeting central bank." However, although inflation is expected to rise in the future, the negative impact of the energy shock on growth is also beginning to emerge, so the Reserve Bank of India will need to pay attention to both growth and inflation.