India's central bank has raised interest rates faster and higher than it anticipated as inflation surged.
It is "absolutely imperative" that the RBI's actions are "front loaded," according to Upasna Bhardwaj, chief economist at Kotak Mahindra Bank. Bhardwaj said rate hikes would only pause if inflation falls below 6% by the last quarter of the financial year.
Noting the central bank has raised the rate by 90 basis over the past month, Bhardwaj said it has taken a hawkish approach with other policies.We don't believe that there's going to be a very aggressive continued rate hike cycle going ahead, but at least the front-loaded actions is absolutely imperative," Bhardwaj said. Rate hikes would also have an impact on consumer demand.
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