The International Monetary Fund (IMF) says the Reserve Bank of India (RBI) should maintain a tight monetary policy stance and keep raising interest rates to tame inflation, which it sees as the key macroeconomic challenge. In its annual advisory to the Indian government, IMF has projected inflation at 6.5% by the end of this fiscal year, one percentage point higher than RBI’s own forecast, although the central bank has conceded that the rate could exceed its projection.
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