According to experts, the Reserve Bank of India (RBI) is likely to keep interest rates unchanged in its upcoming monetary policy review, but it may change its stance in light of retail inflation exceeding its upper tolerance limit, global uncertainties caused by the ongoing Russia-Ukraine conflict, and the need to protect and boost growth. The Monetary Policy Committee (MPC), which is chaired by the RBI Governor, will have its first meeting of the fiscal year 2022-23 from April 6 to 8.

The MPC result will be announced on April 8. Aditi Nayar, Chief Economist of ICRA Limited, said in the April 2022 policy review, that the MPC is expected to revise up its Consumer Price Index-based inflation forecast, whereas the growth projections for 2022- 23 would be pared.

"Nevertheless, the Monetary Policy Committee is unlikely to sacrifice growth to control imported inflation. With the upper threshold of the medium-term inflation target range being as high as 6 percent, the policy committee is likely to remain growth supportive for longer than other central banks. Overall, it is expected a status quo policy in April 2022," she remarked. 

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