Reserve Bank of India in its monetary policy today left rates unchanged. The MPC remained accommodative saying it expects the current surge in inflation to be transient, thus holding out hopes for rate cuts later. It also said that GDP will contract by 9.5 percent this year but will turn positive in the fourth quarter as it is already seeing recovery; this is RBI's first GDP forecast this year.

To decode the policy and its impact, Latha Venkatesh spoke to B Prasanna Head of Global Markets Group at ICICI Bank, Pranjul Bhandari Chief India Economist at HSBC, Rajiv Anand ED at Axis Bank, CS Setty MD at SBI and Raj Kiran Rai of Union Bank.

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