“In the second half of 2022-23, monetary policy has, in my view, become complacent about growth, and I fervently hope that we do not pay the price for this in terms of unacceptably low growth in 2023-24,” he said, as per the minutes of the MPC's February meeting. Varma opined that a repo rate of 6.50% very likely overshoots the policy rate needed to achieve price stability and that further tightening was not desirable.