India's central bank late on Monday admitted that the recent hike in its policy rates would affect growth in the near-term but maintained it would consolidate in the medium-term.
"We have to sacrifice a little bit of growth in the near-term in order to consolidate the medium-term growth," Reserve Bank of India (RBI) Governor D. Subba Rao mentioned.
Explaining the factors that forced the central bank to hike the bank rates ahead of its policy meeting April 20 in Mumbai, Rao said in taking the policy action, the central bank had been very conscious of the fact that the monetary policy acted with the lag of 12 months.
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