India received 8.1 mm rainfall in the week ended yesterday, 19% above the normal of 6.8 mm for the period, data released by the India Meteorological Department showed. India has received 105.8 mm rainfall since Jun 1, which is adequate. Even before members of the Monetary Policy Committee convened on Jun 6, Reserve Bank of India Governor Shaktikanta Das, in a television interview, had termed a rate hike as a “no-brainer”. Minutes of the latest policy meeting show that the same cannot be said about the subsequent rate decision, as members of the rate-setting panel believe that the economic recovery still needs to be nurtured.
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