PMEAC Chairman C Rangarajan today said RBI's move to keep all the key policy rates unchanged in its midquarterly policy review is on expected lines and the central bank might start revising downwards its monetary stance only if inflation continues to decline further. "The impact of the base effect will be seen as food prices generally come down in winter season. So I do believe inflation will come down sharply and that might provide the correct environment in which the RBI can act further in the direction of easing action," he said.
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