RBI MPC Meeting 2026: Central bank flags a threat for Indian agriculture warming up in the Pacific

The Reserve Bank of India’s Monetary Policy Committee on Wednesday flagged El Niño and uneven monsoon rains as risks to agriculture and rural demand. Governor Sanjay Malhotra said, “Deficient and uneven south-west monsoon amidst El Niño conditions poses some risks to the agriculture sector’s outlook and rural demand.” Inflation forecasts fell.