Ram Singh, an external member of the Monetary Policy Committee (MPC) in India, stated that an increase in the repo rate is not currently being considered. He noted that the ongoing inflation is supply-driven, and the MPC will monitor potential second-round effects from persistently high energy costs. Singh indicated that if energy prices lead to increased costs in downstream products, it could signal the need for a policy response. However, he expects any inflationary impacts to be moderate and gradual, particularly as he anticipates a resolution to the West Asia conflict soon. Singh also addressed concerns regarding India's foreign exchange reserves, asserting they remain stable despite rising crude import costs. He mentioned that the Reserve Bank of India (RBI) is likely to continue open market operations to maintain liquidity in the economy. Furthermore, Singh revised the GDP growth forecast downward by 50-60 basis points, but highlighted that key economic indicators, such as private demand and credit growth, remain robust.