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RBI Governor Shaktikanta Das delivered a shock announcing a surprise increase in key interest rates by 40 points. It’s the first increase since August 2018 and the sharpest in almost 11 years. The main aim to to keep a handle on inflation which has stayed stubbornly above RBI’s own upper tolerance limit for over 3 months and saw a 17-month high in March based on consumer price index. The announcement sent the market crashing with the Sensex closing 1307 points lower on May 4. The hike in interest rates will also hit the affordability of vehicles. Many also believe this may be the start of an interest rate hike cycle.
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