Progress on trade negotiations will be high on the agenda during President Trump’s visit to India next week. But we have low expectations for any major breakthrough given the protectionist turn taken by policymakers in both India and the US in the past couple of years. Meanwhile, the minutes of the latest MPC meeting show that the committee is aiming to strike a balance between still-subdued economic growth and the sharp rise in inflation in the near term. This reinforces our view that further rate cuts are unlikely.
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