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Surprising on the downside, headline CPI for Sep-17 came in at 3.28% as food prices saw a sharp decline. Additionally, the print for Aug-17 was also revised downwards to 3.28% compared to 3.36% estimated previously.    Core inflation, however, stood 11 bps higher at 4.61% compared to 4.50% as implementation of HRA under the 7th CPC continued to impact housing prices.    IIP registered a 4.3% growth in Aug as compared to 1.2% observed in July led by broad based growth across all sectors, viz. Manufacturing at 3.5%, Electricity at 2.3% and Mining at 0.3%    In its Fourth Bi-monthly policy, the MPC panel kept the policy rates unchanged at 6.00% while maintaining a neutral policy stance.    RBI slashed the Statutory Liquidity Ratio by 50 bps from 20.0% to 19.5% of banks NDTL. The ceiling on SLR security’s under HTM will also be reduced from 20.25% to 19.50% in a phased manner by March 31, 2018.    Consequently, the policy rates are as follows: Repo rate: 6%, Reverse Repo rate: 5.75%, MSF rate: 6.25%.    The panel revised its inflation projection upwards for the second half of FY18 to 4.2-4.6% from 4.0%-4.5% in the previous policy.    Real GVA growth has been revised downwards to 6.7% for FY18 from 7.3% previously.    India’s eight-core sector growth came in at 4.9% compared to 2.6% observed in the previous month mainly aided by a sequential increase in output of coal, fertilizers, steel and electricity.        
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