“India well ahead of the curve on inflation fight,” Uday Kotak, Kotak Mahindra Bank CEO, tweeted on Monday, as countries across the world seek to combat the economic hindrance. The billionaire commended India’s fight against sticky core inflation, stating that the country is well ahead of global peers. The billionaire further compared India’s repo rate and CPI to those of US and Eurozone’s, showing India is at the forefront of battling rising prices. Kotak presented key interest rate and CPI figures from US and Eurozone, demonstrating that the interest rate doesn’t match the rate of inflation. He urged global central banks to move real interest rates ahead of the rate of inflation.

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Kotak has often demonstrated a hawkish attitude towards fighting against inflation, once tweeting that he believes interest rates will remain elevated for a longer period of time and that further rate hikes were a possibility. “Global central bank balance sheets take huge losses as they bought long term bonds and de facto printed money. Who pays? Sovereign.Signs of sticky inflation in US. More interest rate hikes likely. And higher for longer. Remember airplane turbulence? Fasten seat belts worldwide!” the Kotak Mahindra Bank CEO tweeted.

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In the February RBI Monetary Policy Committee meeting, RBI Governor Shaktikanta Das announced a 25 bps hike in the repo rate, marking the sixth consecutive rise. The country’s repo rate currently stands at 6.5%, as highlighted by Uday Kotak. The RBI governor also stated that a “further calibrated monetary policy action is warranted to keep inflation expectations anchored and break the persistence of core inflation”. The last reading of the headline inflation at 6.52% breached the upper tolerance band of the central bank.