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Rahul Bajoria, India economist at Barclays, believes that the Reserve Bank of India (RBI) cut rates by at least 65 basis points (bps) till June 2020.

Key quotes:

“We sense that the RBI will need to reconsider large rate cuts, especially given steeply dropping energy prices, which will ultimately depress inflation in coming months.

While India’s economy remains relatively closed and dependent on domestic demand, we continue to monitor downside risks from a rapidly evolving global backdrop.

We think rate cuts would have little impact on near-term activity without accompanying steps to keep liquidity conditions ample and possibly increased LTROs or even outright OMOs.”

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