The second downward revision in real GDP in six months follows a setback in first-quarter GDP, when the actual GDP of 13.5 per cent was significantly lower than the RBI's estimate of 16.2 percent. Are there any more surprises in store?
RBI MPC announcement: The central bank hiked repo rate by 50 basis points (bps) to 4.90 per cent since inflation is above the central bank’s upper tolerance limit.