MPC note shows export stagnation a long-term trend

The Monetary Policy Committee noted that since its meeting in October, global economic activity has remained subdued

The Reserve Bank of India (RBI) has significantly cut its economic growth forecast for the current and next financial year. Apparently, its concern to rein in inflation rate has prevailed while deciding not to cut the repo rates, at least for now. 

On the external sector, the Monetary Policy Committee (MPC) noted that since its meeting in October 2019, global economic activity has remained subdued, though some signs of resilience are becoming visible. Growth has shown signs of picking up in some advanced economies (AEs) and emerging market economies (EMEs). 

Crude oil prices have moved in a narrow range in both directions,