mpc: RBI MPC maintains FY24 GDP projection at 6.5%

The Reserve Bank of India's Monetary Policy Committee (MPC) expects India's GDP growth for FY24 to be 6.5%. The forecast for Q2 is 6.5%, Q3 is 6%, and Q4 is 5.7%. Inflation forecast was revised to 5.4% from 5.1% due to rising vegetable, cereal, and pulse prices. The World Bank maintained India's growth forecast at 6.3% for FY24 but revised inflation projection to 5.9%. Moody's Investor Service raised India's growth forecast to 6.7% in 2023. The rate-setting panel emphasized the need to monitor inflation due to the risk of El Nino and uneven rainfall.

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