Nithin Kamath has warned that India could face a difficult inflation environment this year if a developing El Nino weakens the monsoon at the same time as global oil prices remain elevated because of the Iran conflict, a combination that may eventually force the Reserve Bank of India to tighten monetary policy.
In a post on X, the Zerodha founder said 2026 was "turning out to be a case of when it rains, it pours". Kamath pointed to forecasts of below-normal rainfall this year as a major risk for food inflation and rural incomes.
