Most central banks have been raising interest rates to control inflation. However, a comparison with other large emerging market economies (EMEs) in Asia shows that the Reserve Bank of India (RBI) is the most aggressive, according to a study by Motilal Oswal Financial Services. In fact, some of India’s peers have yet to start a rate hike cycle.

“A comparison of 10 emerging market economies (70% of emerging market economies) shows that the RBI has cumulatively raised the effective policy rate (i.e., the standing deposit facility rate and the effective policy rate of 90 basis points (bps)) in the past The three-month repo rate is the highest and fastest,” said a July 11 Motilal Oswal report. A basis point is 0.01%.