RBI MPC meeting: The art of policy communication

In the payments domain, the scope of the existing digital payment architecture has been widened

The monetary policy committee (MPC) decided to keep the policy repo rate unchanged without committing to a pivot. From this perspective, current policy remains a non-event, largely on expected lines.

Interestingly, the projections for gross domestic product (GDP) and inflation have undergone some revisions considering the new information in the intervening period. Upward revisions in GDP have happened in Q1FY24, with marginal downward revisions in the second half with FY24 GDP retained at 6.5 per cent. Inflation projection for FY24 has undergone marginal downward revision from 5.2 per cent to 5.1 per cent. The inflation trajectory is now conditional on