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SBI Research Report
As widely expected, there was no change in the key policy rate at the second Monetary Policy Committee meeting for this fiscal, with the central bank strongly emphasizing an accommodative stance as long as required to support the economy.
The Reserve Bank of India, however, reduced its projection of real gross domestic product growth for FY22 by 100 basis points to 9.5% consisting 18.5% in Q1 (earlier: 26.2%), 7.9% in Q2 (earlier: 8.3%), 7.2% in Q3 (earlier: 5.4%) and 6.6% in Q4 (earlier: 6.2%).
Interestingly, though RBI has reduced growth projections for Q1 and Q2 it has enhanced projections for Q3 and Q4, specifically Q3 by a large margin.
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