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Resilient economy does not make case for tightening

The strength of the recent activity data means we are revising up our 2023 GDP growth forecast to 6.3%, from 6.0%. But given that inflation has come down a long way from its peak last year and is now comfortably within the RBI’s 2-6% target range, the MPC is likely to keep rates on hold at its meeting next week.

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