New Delhi: Reserve Bank of India (RBI) governor Sanjay Malhotra said on Wednesday (August 5) that owing to several uncertainties, the central bank is in no hurry to change its policy course. The RBI also lowered its real Gross Domestic Product (GDP) growth projection for 2026-27 to 6.7%.“The outlook, however, is hazy because of the uncertainties regarding the south-west monsoon, El Niño, geopolitics and global trade policy. There is a need for greater clarity to emerge, especially regarding inflation, its path and composition before taking any policy action,” said Malhotra while unveiling the monetary policy of the central bank, reported Indian Express.“Any such action (on the interest rate front) would also have to consider the need for recalibration of policy rates in line with the evolving growth-inflation dynamics, especially the normalisation of the underlying inflation from its benign levels seen hitherto,” he added.Malhotra added that growth is expected to be lower in 2026-27 and cited the fact that the reescalation of the conflict in West Asia since the first week of July has amplified volatility in energy prices and renewed uncertainty about supply chains.“The Monetary Policy Committee underscored that it will maintain a close vigil and remain resolute in its commitment to align inflation with the target,” said Malhotra.The central bank’s policy panel on Wednesday kept the policy repo rate unchanged at 5.25%.Meanwhile, consumer confidence in both rural and urban areas, as measured by the RBI’s surveys aligned with the MPC meetings, has seen a continued decline since the outbreak of the West Asia crisis, reported Hindustan Times.While the MPC’s tone suggests resilient domestic demand, the declining consumer confidence remains a matter of concern, said the HT report.