The Reserve Bank of India (RBI) minutes from October 2025, released on Wednesday, showed that India’s interest-rate panel members have flagged room for future rate cuts as the country’s inflation outlook turns more benign. The six-member Monetary Policy Committee held the key repo rate steady at 5.50% earlier this month, after cutting rates by 100 basis points in 2025. It retained the "neutral" policy stance, though two members favored a shift to "accommodative." "The benign outlook for headline and core inflation, as a result of the downward revision of projections, opens up policy space to further support growth," RBI Governor Sanjay Malhotra wrote in the minutes. Annual inflation fell to an eight-year low of 1.54% in September. The central bank has revised its inflation forecast for 2025–26 to 2.6%, down from 3.1% in August and 3.7% in June, while raising the GDP growth forecast to 6.8% from 6.5%.