With trillions in deficits and a fiscal system under strain, money printing becomes the default option; that’s when the real inflation risk emerges.

Policymakers opted to maintain the base rate unchanged at 3.5%, in line with market expectations and forward guidance. Lower energy prices will likely bring next year’s headline inflation below the target..

The Indian equity benchmark indices ended Thursday's trading session on a rather tepid note as gains from the IT shares were offset by losses in select auto, metal, and pharma stocks.