India's central bank kept its key repo rate unchanged for the fourth straight meeting on Wednesday.
At its second bi-monthly monetary policy meeting, policymakers of the Reserve Bank of India decided to maintain the repo rate at 6.25 percent and the reverse repo rate at 6.00 percent.
The decision of the MPC is consistent with a neutral stance of monetary policy in consonance with the objective of achieving the medium-term inflation target, while supporting growth, the bank said.
Five members of the MPC voted in favor, while Ravindra Dholakia voted against the resolution.
Policymakers said premature action at this stage risks disruptive policy reversals later and the loss of credibility.
The bank has revised down its GVA growth projection for 2017-18 by 10 basis points to 7.3 percent.
Headline inflation is projected in the range of 2.0-3.5 percent in the first half of the year and 3.5-4.5 percent in the second half. Risks to both inflation and growth outlook are evenly balanced, the bank said.
The bank added the implementation of the GST is not likely to have a material impact on overall inflation.
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