Solution

The RBI Monetary Policy Committee ( MPC) decided to hike the repo rate by 50 basis points. In the current financial year, the RBI has raised the repo rate by 190 bps. RBI will remain focused on withdrawal of accommodation after this revision too. The rates after revision are as follows-   ( SASTRA) in 2005 including a cash prize of $10,000.   The MPC panel also cut its gross domestic product ( GDP) growth forecast for FY23 to 7% from 7. 2% , with  Q2 at 6. 3% , Q3 at 4. 6% and Q4 at 4. 6%. Reserve Bank retained its inflation projection for current fiscal year at 6. 7 per cent amid global geopolitical developments triggered by the Russia- Ukraine war. For the September quarter of 2022- 23, RBI projected retail inflation at 7. 1 per cent. For third quarter, inflation is estimated at 6. 5 percent and further down to 5. 8 per cent in the March quarter. For first quarter of next fiscal year, retail inflation is projected at 5 percent.