Question
The RBI Monetary Policy Committee has now increased the repo rate to _____ in October 2022.
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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.