February 2023 Monetary Policy Committee Meeting

February 24, 2023 When dissent is a positive sign This refers to the reports about dissenting notes by two external members in the February 2023 MPC meeting. Categorisation of MPC members into internal and external by media could have been avoided. All the members are on the committee as professionals and the MPC since inception has been doing the job assigned to it professionally, within the constraints emanating from multiple ingredients in the inflation influencers, which are external to the impact of policy tools with RBI. In the above context, Prof Ashima Goyal's observation that "Inflation has many administered price components and all regulators need to internalise the inflation target in order for it to be achieved" need to be taken in the true spirit. The public feeling that "inflation is RBI's baby" should be removed first from the mindset of media and analysts. Fortunately the FM and the RBI are on the same page on inflation, as of now. M G Warrier Mumbai

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