Members of the monetary policy committee (MPC) called for supporting India’s economic recovery amid the devastating second Covid wave even as they remained cautious about the inflation trajectory, minutes of their meeting held earlier this month showed on Friday.

On June 4, the interest rate setting panel had left the key interest rates unchanged while retaining an accommodative stance.

Minutes of the meeting, which were released by the RBI on Friday, showed members such as Shashanka Bhide citing data which showed a significant dent in consumer and business sentiments because of the second wave.

Bhide further said rising prices of fuel and global commodity prices are pushing up the cost of production and distribution across supply chains.

RBI governor Shaktikanta Das stressed on policy support from all sides — fiscal, monetary and sectoral — to nurture recovery of the economy. He pointed out that the dent on economic activity necessitated continuation of monetary measures to support recovery.

Deputy governor Michael Patra observed that though supply conditions remained resilient in the second wave, aggregate demand barring net exports has been dented.