In its third bi-monthly policy the MPC panel cut the policy rate by 25bps to 6% while maintaining a neutral stance
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India’s retail inflation bounced off record low to 2.36% in July from 1.46% in the previous month as costs of food articles and housing soared. Core CPI rose to 3.96% compared to 3.85% in June
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Wholesale price-based
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Consequently, the policy rates are as follows: Repo rate: 6%, Reverse Repo rate: 5.75%, MSF rate 6.25%.
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The panel kept their inflation forecast unchanged at 2-3.5% for H1FY17 and 3.5-4% for H2FY17, however raising concerns over the sustainability of these levels
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India’s factory output contracted to a four-year low of 0.1% in June compared to 1.7% a month ago owing to a slowdown in manufacturing activity
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