MNI RBI Preview - August 2025: On Hold

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• We see the RBI pausing at their August meeting as the full extent of the policy changes at the June meeting are still to come.  
• Inflation remains below target and is forecast to remain subdued.
• The focus turns to investments and the consumer with surveys showing both supportive.  
• Uncertainty remains as to the final decision on US tariffs as the US negotiators head to India at the end of the month.