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Motilal Oswal Report
The Monetary Policy Committee resolution was in line with expectations, with the policy repo rate unchanged at 4%.
The reverse repo and Marginal Standing Facility rates were also kept unchanged at 3.35% and 4.25%, respectively.
Besides the decision on rates, all MPC members voted unanimously to continue with the accommodative stance for as long as necessary.
Although inflation forecasts were revised up only marginally to ~5.1% in FY22, growth forecasts were revised down by 1% to 9.5% (from 10.5% earlier) – on account of the increased spread of Covid-19 infections in rural areas and dented demand in urban areas.
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