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The RBI cut its FY23 GDP growth rate forecast to 6.8% from 7% earlier.  The RBI Governor said that the Indian economy remains resilient and the country is seen as a bright spot in a gloomy world.

The World Bank on Tuesday revised upwards its GDP growth forecast for India to 6.9 per cent for 2022-23 from its earlier estimate of 6.5 per cent, saying the economy was showing higher resilience to global shocks.

In its last policy statement on September 30, the RBI's Monetary Policy Committee projected GDP growth for the 2022/23 financial year (April-March) at 7% and retail inflation at 6.7%.

The Reserve Bank of India's key repo rate was raised by 35 basis points (bps) on Wednesday as widely expected, the fifth straight increase, amid expectations that inflation has likely peaked and concerns around economic growth resurfaced.

The monetary policy committee (MPC), comprising three members from the RBI and three external members, raised the key lending rate or the repo rate to 6.25% in a majority decision. Five of the six members voted in favour of the decision.

 

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