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New Delhi, Jul 16: With India's economic growth sputtering, the Reserve Bank of India was expected to maintain a rate-cutting cycle, but an uptick in near-term inflation could give the central bank's Monetary Policy Committee reason to pause for now.

Having cut its key lending rate by an aggressive 115 basis points (bps) in 2020, on top of 135 bps cuts in 2019, the RBI so far has had little success in spurring credit growth amid varying degrees of lockdowns across India.

Some economists and market insiders argue it may be prudent for the MPC, the policy committee, to hold its fire when it meets early next month.

"It's probably too early to administer a demand stimulus. The RBI still has room to cut rates, but we probably want to be more cautious of the timing," said Venkat Pasupuleti, portfolio manager at Dalton Investments.

"Maybe they should wait a quarter to see how things pan out once the lockdown situation is eased further."

Market participants have factored in at least a 25 bps rate cut by the MPC on August 6 while analysts are predicting a total 50-75 bps cuts over the rest of the fiscal year that runs to March 31.

The spike in the retail inflation rate above the RBI's mandated 2%-4% target range is another reason for the central bank to take a breather, analysts say.

Annual retail inflation rose to 6.09% in June, compared to 5.84% in March and sharply above a 5.30% median forecast in a Reuters poll of economists.

Rahul Bajoria, an economist at Barclays, said the spike in both consumer and wholesale prices "could lead to a tempering in enthusiasm for material front-loaded policy support from here on."

Almost all economists however agreed the RBI cannot move away from its accommodative stance or call an end to the rate cutting cycle just yet.

India's economy grew at 3.1% in the March quarter - an eight year low - and some economists have predicted a contraction of more than 20% in the June quarter and a contraction of up to 5% in the fiscal year.

"Even in the event of a pause, we think the RBI and MPC would want to hold out the promise of more cuts," said A. Prasanna, economist with ICICI Securities.

RBI Governor Shaktikanta Das said in a recent speech the need of the hour is to restore confidence, preserve financial stability, revive growth and recover stronger, suggesting inflation concerns are unlikely to deter the downward trajectory for rates too soon.

"The August policy decision would boil down to a judgment call over whether RBI can maintain easy monetary and financial conditions without the aid of a token rate cut," Prasanna said. 

Dubai, Jan 9: A roadshow promoting Gujarat as an education hub of India will be held here from January 17, officials said.

Representatives of 22 universities and four colleges from Gujarat will be part of the two-day event organised by the Indian Consulate in Dubai.

"The roadshow will provide a glimpse of the thriving education sector in Gujarat and enable the interested candidates to get a first-hand understanding of the rich resources of the state in order to pursue higher education," according to a statement released by the Indian Consulate here on Wednesday.

A delegation led by Gujarat's Education Minister Bhupendrasinh Chudasama will take part in the event under the 'Study in Gujarat' campaign, the statement said.

The Principal Secretary of the state's Higher and Technical Education, Anju Sharma, will participate in the roadshow, which will conclude on January 18.

The participating educational institutions include Pandit Deendayal Petroleum University, Gujarat Forensic Science University, Nirma University, LD College of Engineering, Gujarat Arts and Science College, Vishwakarma Government College and SAL College.

"In the last decade and a half, Gujarat has been successful in establishing its identity as the leading educational hub of India. State of the art infrastructure, safe environment, curriculum at par with international standards and industry exposure gives students an edge during the course of their study," the statement said.