The monetary policy committee (MPC) headed by Governor RBI Shaktikanta Das consoled himself with the signs of “expansion” of economic activity to maintain the projection of GDP growth at 7.2%. But the inflation estimate for the current and subsequent quarters was reworked, although for the full year it will remain at 6.7%, well above the central bank’s 6% tolerance zone. But the projection for the current quarter has been revised down from an estimated 7.4% in June to 7.1% now. In the other one…

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