"Thus, no rate action, in conjunction with a stance change to neutral with stress on being 'actively disinflationary' is indeed their best bet to prep ground for start of a shallow easing cycle, possibly but not necessarily from December," Madhavi added.

Several factors could derail the inflation trajectory as the MPC keeps its cards on a rate cut close to its chest

India’s central bank kept its policy rate unchanged as expected but left the door open for potential easing, keeping an eye on inflation that may become sticky if tensions in the Middle East escalate further.

The Reserve Bank of India (RBI) announced on Wednesday that it will keep its key interest rate unchanged at 6.50%, marking the tenth consecutive meeting with no rate adjustment. However, the central banks Monetary