India’s consumer inflation dropped to 5% in September, while industrial production surged to a 14-month high of 10.3% in August. The unexpected rise in industrial production suggests that the economy remains strong, despite high interest rates, inflation, and a weak global economy. The IMF has raised India’s growth forecast for FY24 to 6.3%. These positive indicators give the Reserve Bank of India comfort to maintain current interest rates until retail inflation eases to 4%.
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