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Exclusive | Mine has been a lone voice in MPC, but I have never felt lonely: Jayanth Varma

In his comments in the MPC minutes, Varma had said the logic of a 40 bps rate cut was not clear to him. He says he believes a decisive rate action can subdue the unpleasant inflationary episode we are witnessing currently, and bring inflation down to target.

May 19, 2022 / 04:45 PM IST
Jayanth R  Varma

Jayanth R Varma

Ever since he joined the Monetary Policy Committee (MPC), Jayanth R Varma has been a lone voice in the panel.

Varma has long argued against the continuation of the so-called 'accommodative' stance and has challenged the notion that monetary policy can effectively counter the ill-effects of the pandemic.

More than once, during MPC meetings, Varma has dissented on the continuation of the accommodative stance, saying the panel's communication needs to be precise, else the MPC is risking its credibility.

In a freewheeling chat with Moneycontrol on May 19, Varma spoke on a range of issues, including the hurried, unscheduled rate hike on May 4.