GST 2.0 shields India from Trump tariffs but Malhotra & co warn further rate cut risks overdose: RBI MPC Minutes

India's economy showed strong resilience in Q1:2025-26, expanding by 7.8% and prompting the RBI to raise its full-year growth forecast to 6.8%. Despite US tariff measures and visa fee hikes, GST reforms are expected to partially cushion the impact. The RBI cautioned against an immediate rate cut, citing current inflation levels and the ongoing effects of previous monetary easing.