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RBI sticks to growth forecast, cautions on price pressure – Times of India

NEW DELHI: The RBI caught to the growth and inflation forecasts for the yr however sounded a powerful notice of warning on the general price scenario, citing a number of components together with the evolving geopolitical developments, commodity costs and the monsoon.

The financial coverage committee (MPC) headed by RBI governor Shaktikanta Das drew consolation from indicators of “broadening” of financial exercise to retain the GDP growth projection at 7.2%. But the inflation estimate for the present and the subsequent quarters had been reworked, though for the complete yr it’ll stay at 6.7% – nicely above the central financial institution’s tolerance zone of 6%. But the projection for the present quarter has been revised downwards from 7.4% estimated in June to 7.1% now. On the opposite hand, for the December quarter, it has been revised upwards to 6.4%, from 6.2%, estimated earlier.
“With inflation expected to remain above the upper threshold in Q2 & Q3, the MPC stressed that sustained high inflation could destabilise inflation expectations and harm growth in the medium term,” Das mentioned.

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