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Impact of MPC decisions to show in 4-5 quarters, says Shashanka Bhide

'The rate hikes started in May 2022 and cumulatively there is a significant increase in policy rate (250 basis points)'

Asit Ranjan Mishra New Delhi

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Shashanka Bhide

4 min read Last Updated : Apr 21 2023 | 9:13 PM IST

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In February, Shashanka Bhide was the only external member of the Monetary Policy Committee (MPC) to vote in favour of a rate hike. In the April policy meeting, he changed his decision to go with the consensus of a pause. He explains the rationale in an interview with Asit Ranjan Mishra. Edited excerpts:

Before we get into the details, could you explain for the readers how the MPC arrives at a decision? Do you come prepared with your written views on Day 1 of the meeting?

Day 1 is essentially for presentations by the RBI and discussions. Day 2 is for discussing decisions. It is spread over a two-day period and final decisions are taken at the end of the two-day programme. People explain why they are voting for a particular decision but the written statements are provided later. We don’t always meet on Day 3 but it (the resolution of the MPC) is confirmed with each member on Day 3. Exc