In its second bi-monthly policy, the MPC panel kept the policy rate unchanged at 6.25% while maintaining a neutral policy stance.
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The panel lowered its inflation projection to 2-3.5% for H1FY17 and 3.5-4% for H2FY17. Growth projection was also revised lower to 7.3% for FY18.
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India’s retail inflation print eased to fresh record low of 2.18% in May as prices of pulses and vegetables moved into negative territory on an annualized basis.
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India’s WPI based on the revised 2011-12 series edged lower to 3.85% in April as manufactured goods and food articles indicated cooling of prices.
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RBI slashed the Statutory Liquidity Ratio by 50bps to 20% effective from fortnight beginning Jun 24, 2017.
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Consequently, the policy rates are as follows: Repo rate: 6.25%, Reverse Repo rate: 6%, MSF rate: 6.50%.
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India’s Index of Industrial Production (IIP) rose 3% in April from 2.7% in the previous month albeit lower than 6.5% in the year-ago period.
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