The Reserve Bank of India will decide on the policy rates at its monetary policy meeting today. While retail inflation remains within the comfort zone of the central bank, industry output is sputtering and and a secular upward trend in credit growth remains elusive. Pick-up in private investment is slow and consumption expenditure is still subdued. However, monsoon till now has been closer to the long-term average and kharif crop sowing has picked up, which could moderate inflation further.