New Delhi, Feb. 5 -- The backdrop of the monetary policy committee (MPC) meeting later this week is a complex one. Growth momentum has slowed in 2024-25. Headline retail inflation is still high despite softening from the recent peak. The government maintained strong fiscal discipline, despite offering tax concessions towards boosting private consumption, reflecting a decelerating expenditure budget. Importantly, this comes against a global environment of pressure on most emerging market (EM) currencies amid geopolitical volatility, US exceptionalism and a raging dollar. US Fed has paused after three consecutive rate cuts, while ECB and central banks in England and Canada continue cutting. Among EMs, Indonesia recently cut rates to aid gro...