What will RBI do on April 8: We asked four of the top economists

Citizen’s Monetary Policy Committee at CNBC-TV18 including Soumya Kanti Ghosh, Group Chief Economic Adviser, State Bank of India; Samiran Chakraborty, Chief Economist, Citi India; Sonal Varma, Managing Director, Nomura; Dr Pronab Sen, Economist & Former Chief Statistician and Sajjid Chinoy, Head-Asia Economic Research, JPMorgan, indicated that the Reserve Bank of India (RBI) is likely to keep interest rates unchanged in the upcoming policy on April 8, 2026.

All members signalled a pause on April 8, with a common view of “no change” on the repo rate. They also indicated that a rate hike is unlikely in the near term, assuming the current disruption does not persist for long.

Sonal Varma said markets are currently completely unanchored due to uncertainty around the duration and impact of the shock. She said the central bank should focus on communication and remain alert to second-round inflation risks.

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Samiran Chakraborty said the RBI should maintain stability in its approach and avoid reacting to currency movements through rate action. He said interest rates should remain focused on inflation management rather than exchange rate defence.

On liquidity, Soumya Kanti Ghosh said the central bank may need to adjust conditions gradually. He noted that the RBI can modulate the liquidity a little bit depending on evolving market conditions.

Watch the full discussion here



Sajjid Chinoy highlighted the complexity of the current situation, calling it a stagflationary shock where both growth and inflation are affected. He said policymakers may need to prioritise growth if risks intensify.

He added that supply disruptions, especially in energy, could lead to non-linear effects on economic activity, including production slowdowns.

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