In its Second
In its Second Bi-monthly Monetary Policy, RBI raised the Repo rate by 25 basis points to 6.25%. Consequently, reserve repo rate stands at 6.00% while marginal standing facility (MSF) rate stands at 6.50%.
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Inflation projections
Inflation projections for 2018-19 were revised to 4.8-4.9% in H1 FY19 (4.7-5.1% previously) and 4.7% in H2 FY19 (4.4% previous). Growth projection for FY19 was maintained at 7.4%.
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India Index
India’s Index of Industrial Production (IIP) expanded to 4.9% in April as against growth of 4.4% in the previous month. Nonetheless, broad based sequential downtrend was witnessed in Mining at -21.1%, Manufacturing at -11.2% and Electricity at -1.9%
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India Consumer
India’s Consumer Price-based inflation rose to 4-month high of 4.87% in May compared to 4.58% a month prior. Core CPI accelerated to 6.18% in May from 5.92% a month ago.
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Wholesale inflation
Wholesale inflation accelerated to a 14-month high of 4.43% in May compared to 3.18% in the previous month. While the May print was partly affected by unfavorable base effect, inflationary pressures from fuel and manufactured products also gained pace.
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