The Reserve Bank of India’s Monetary Policy Committee (MPC) has unanimously decided to maintain the policy repo rate at 6.50%. Other rates, including the standing deposit facility rate (6.25%) and the marginal standing facility rate (6.75%), remain unchanged. The MPC, by a majority of 5 out of 6 members, aims to withdraw accommodation gradually to align inflation with the target while supporting growth. Despite a surge in headline inflation, the MPC remains watchful, considering factors like vegetable prices, possible El Niño conditions, and global food prices. The RBI governor projects a real GDP growth of 6.5% for 2023-24, with inflation projections revised to 5.4%.