In its December meet, the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) raised the benchmark rate by 35 basis points to 6.25 percent while retaining its stance of “withdrawal of accommodation”. It cut its growth outlook to 6.8 percent from 7 percent previously and held its inflation estimate of 6.7 percent for the current fiscal year (see table). Interestingly, on Tuesday, the World Bank increased its FY23 GDP forecast for India to 6.9 percent from 6.5 percent in October.