Following are the highlights of RBI's monetary policy announced on Friday
Benchmark interest rate hiked by 50 basis points to 3-year high at 5.90.
Economic growth projection for FY23 cut to 7 pc from 7.2% estimated in August
GDP expected to grow at 6.3% in September quarter, 4.6% each in December and March quarters.
Inflation projection retained at 6.7% for ongoing fiscal year (FY23)
Inflation to remain above upper tolerance limit of 6 pc till December
Average crude oil price for Indian basket expected at USD 100 per barrel
RBI to remain focused on withdrawal of accommodative monetary policy stance to check prices
RBI says rupee movement orderly against US dollar; depreciated only 7.4% this year till September 28
RBI does not have a fixed exchange rate for rupee; intervenes in market to curb excessive volatility
Forex reserve down 6% at $37.5 billion as of September 23 this year
The central bank confident of financing external sector deficit
World in midst of third major shock from aggressive monetary tightening by central banks, Indian economy resilient
Merchandise exports affected due to external factors, private consumption picking up
Recent correction in global crude oil prices if sustained may provide relief from inflation
Bank credit has grown at accelerated pace of 16.2 pc
Next meeting of the Monetary Policy Committee on December 5-7.