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BFSI Chronicle, 11 Edition September 2022
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*CREDIT POLICY KEY TAKEAWAYS :*
* * C R E D I T P O L I C Y K E Y T A K E A W A Y S : *
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Dated 30th September 2022
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 *Repo rate hiked by 50 bps to 5.9%*  *Crude price correction if
sustained can ease price pressure*
*SDF rate adjusts to 5.65%, MSF at 6.15%*
 *See upside risks to food prices*
*MPC voted with 5-1 majority in favour of 50-bps
hike*  *Cereal price pressure spreading due to lower
kharif output*
 MPC focused on calibrated withdrawal of
accommodation*  *Geopolitical tensions weighing on domestic
inflation*
 *High inflation necessitates monetary
accommodation withdrawal*  *High inflation globally may trigger second-
order effects*
*Policy rate, adjusted for inflation, still trails 2019
levels* *GROWTH :*
 *FY23 real GDP growth seen at 7.0%*
*INFLATION :*
 *Jul-Sep real GDP growth seen at 6.3%*
 *CPI inflation seen at 6.7% FY23*
 *Oct-Dec real GDP growth seen at 4.6%*
 *Oct-Dec CPI inflation seen at 6.5%*
 *Real GDP growth FY23 seen at 7%*
 *CPI inflation seen at 5.8% Jan-Mar*
 *Apr-Jun real GDP growth seen at 7.2%*
 *CPI inflation seen at 7.1% Jul-Sep*
 *Jan-Mar real GDP growth seen at 4.6%*
 *Apr-Jun CPI inflation seen at 5.0%*
 *Geopolitical headwinds may pose downside
 *Risk to food inflation may hit inflation risk to growth*
expectation adversely*
 *Economic activity in India remains stable*
 *Inflation expected to remain elevated at 6% in
Oct-Mar*  *India better placed than many emerging
economies*
 *Inflation persists on alarming high level across
jurisdiction*  *High frequency data shows econ activity
resilient*
 *Inflation trajectory remains clouded with
uncertainty*  *India economy remains resilient despite global
headwinds*
 *Delayed monsoon withdrawal impacting
vegetable prices*  *Global shocks impacted economy profoundly*
 *CPI remains elevated due to large supply  *Buoyant credit growth, govt capex to support
shocks* growth Oct-Mar*
Th In st it ut e Of C Ac un ta n Of I nd ia
The Institute Of Cost Accountants Of India
The Institute Of Cost Accountants Of India
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