RBI Lowers Gross Domestic Product (GDP) Growth Forecast For FY23 To 6.8% From 7%

The Reserve Bank of India's rate-setting panel has revised its forecast for real gross domestic product (GDP) growth downwards to 6.8%. The Monetary Policy Committee (MPC) maintained its stance on "withdrawal of accommodation", with four out of six members voting in favour as the committee continues to focus on pulling out high levels of cash from the banking system without stunting growth.