Inflation was not expected to return to the RBI's mid-point target at least until 2026, according to a recent Reuters survey on the longer-range outlook, as upside risks to food inflation remain. That recent poll also found the central bank is expected to keep its key policy rate unchanged at 6.50% at least until mid-year given that upside risks to inflation remain. "The government emphasised its desire to narrow the fiscal deficit...it will cut subsidies by 7.8% across food, fuel and fertilisers in April," said Aditi Raman, associate economist at Moody's Analytics.