Consumer Price Index.
• The Consumer Price Index (Combined) inflation for April 2023 printed at 4.7%, significantly lower than the previous month’s reading of 5.7%.
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Wholesale Price Index
• Headline WPI inflation for April 2023 printed at -0.9%, lower than 1.3% in March 2023
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Index of Industrial Production
• IIP growth for March 2023 printed at 1.1%, significantly lower than the revised reading of 5.8% in February 2023, on a year-on-year basis.
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Gross Domestic Product
Real gross domestic product for Q3FY23 noted a growth of 4.4% on a year-on-year basis. Further, GDP grew by 3.6% on a quarter-on-quarter basis.
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Monetary Policy.
In the First Bi-monthly Monetary Policy for FY24, the MPC unanimously decided to maintain status quo on policy rates. Consequently, key policy rates stand unchanged: Repo rate at 6.50%, Standing Deposit Facility rate at 6.25% and Marginal Standing Facility and Bank rate at 6.75%.
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