Financial gains.

"The Reserve Bank of India (RBI) on Thursday (6 April) decided to keep policy repo rate unchanged at 6.5% in a clear move to give priority to financial stability and economic growth, but firmly underlined that the 'war against inflation has to continue'." DH. The RBI said, "Turnaround in food inflation drove headline inflation higher." Year-on-year inflation rate in India in 2009 varied from a low of 8.03% in March to a high of 14.97% in December. inflation.eu. Even as inflation was rising the RBI reduced its interest rate from 5.50% in January 2009 to 4.75% in April 2009 and increased it to 5.0% only in March 2010. beginnersbuck .com. Consumer price (CPI) inflation in 2009 was caused by rising food prices because of drought in 2008-09. ET. Prices of food items are dependent on supply which cannot be increased by monetary policy. Hence the RBI chose to ignore CPI inflation until it lost control. Now, the RBI has held its repo rate at 6.5% because it is blaming food inflation while noting that "Core inflation still elevated across many goods & services." It can wait as "Monetary measures since May 2022 still working through the system." "GDP growth seen at 6.5%, inflation at 5.2%, record Rabi harvest bodes well for easing food prices and CAD expected to remain moderate." The RBI is relaxed but, "The real wage of workers, or the purchasing power of money received, is witnessing negative growth amid high inflation despite an increase in the nominal wage or the actual amount they get. according to the Economic Survey 2022-23." The Telegraph. The RBI said it has "Financial stability concerns," even though "India's financial sector strong; close watch on rupee." The RBI is not an illogical body. Its actions must be of benefit. It is owned by the Ministry of Finance of the Government of India. wikipedia. As prices skyrocket, the government's revenues also climb and "GST (goods and services tax) collections in March grew 13 percent to the second highest ever at Rs 1.60 lakh crore (Rs 1.60 trillion), taking the growth rate of revenue mop-up for full 2022-23 fiscal to 22 percent." NDTV. As salaries increase people are dragged into a higher tax bracket while inflation erodes the value of their income, wrote Prof Vidya Mahambare and Praveen Kumar. "This phenomenon is known as 'bracket creep' as some taxpayers 'creep' into the higher tax bracket, even when they should not." The government definitely gains from inflation. And who else. Rich people also gain as they see a surge in the value of their financial investments. "Indian stocks and bonds got a boost on Thursday as the RBI unexpectedly chose to keep policy rates unchanged at 6.5%, with benchmark indices Sensex and Nifty closing higher for the fifth consecutive session despite mixed global markets." Mint. And, naturally, "Adani group stocks, led by flagship Adani Enterprises, jumped up to 6 percent in Thursday's trade, with the group market capitalisation (m-cap) climbing nearly Rs 34,000 crore (Rs 340 billion) to Rs 9 lakh crore (Rs 9 trillion) mark." BT. Had prices of shares fallen there could have been margin calls on Adani companies. Huge financial gains for the government and the rich. And Adani. Workers lose. That's RBI's "financial stability"