The median age of its population could touch 50 years by then. India’s population would overtake that of China at that point. Its population is expected to peak only at 1.7 billion by 2060 A.D. Clearly, India has a potential advantage of demographic dividend over its emerging market peers.
Looking ahead, Governing Council will be considering whether the policy interest rate needs to rise further to bring supply and demand back into balance and return inflation to target. We will continue to assess how tighter monetary policy is working to slow demand, how supply challenges are resolving, and how inflation and inflation expectations are responding.