The most hawkish member of India’s monetary policy panel is likely to get support from an influential colleague, signaling an interest rate increase is more probable than a cut.At the April 4-5 policy meeting, Deputy Governor Viral Acharya said there was a revival in investment activity and an improvement in capacity utilization, which boded well for the economy. As a result, he was switching from a neutral stance to shift “decisively to vote for a beginning of ‘withdrawal of accommodation’ in the next monetary policy meeting in June.”Minutes of the policy meeting this month showed most members of India’s monetary policy committee are optimistic that Asia’s third-largest economy will rebound this year with the output gap closing, a factor that is likely to boost inflation in coming months.A majority of the six-member panel flagged upside risks to inflation earlier in April when the central bank retained the benchmark repurchase rate at 6 percent as expected. Five of the six members voted for the decision, while one, Michael Patra, who is an executive director heading the research department, sought an increase. The panel also kept its neutral policy stance.Preparing for Hike“He might be preparing markets for a rate hike in the…