RBI Policy
Then and now - movement of key data since MPC's Jun meet
This story was originally published at 15:55 IST on 4 August 2025
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MUMBAI - The following are changes in some key economic indicators monitored by the Reserve Bank of India's Monetary Policy Committee since it last met in June:
INDICATOR | LATEST | BEFORE JUNE POLICY |
CPI inflation | 2.10% (June) | 3.16% (April) |
Core CPI inflation | 4.4% (June) | 4.1% (April) |
WPI inflation | (-)0.13% (June) | 0.85% (April) |
Indian crude oil basket (per barrel) | $70.95 (July) | $64.89 (June) |
Core sector growth | 1.7% (June) | 0.5% (April) |
IIP growth | 1.5% (June) | 2.7% (April) |
GDP growth | 7.4% (Jan-Mar) | 7.4% (Jan-Mar) |
GVA growth | 6.8% (Jan-Mar) | 6.8% (Jan-Mar) |
Manufacturing PMI | 59.1 (July) | 57.6 (May) |
Services PMI | 59.8 (July flash figure) | 58.8 (May) |
Banks' lending rate* | 8.62% (June) | 9.26% (April) |
Credit growth@ | 9.8% (Jul. 11) | 9.8% (May 16) |
Exchange rate (average) | 86.1/$1 (July) | 85.3/$1 (May) |
India-US 10-year bond yield spread | 214 bps (Aug. 1) | 184 bps (Jun. 4) |
Fiscal deficit | 17.9% of FY26 Budget target (June) | 11.9% of FY26 Budget target (April) |
| Net durable liquidity balance | INR 5.39 trillion (Jul. 11) | INR 3.49 trillion (May 16) |
Sources: Clearing Corp. of India Ltd., Cogencis Information Services Ltd., Controller General of Accounts, S&P Global, Ministry of Commerce and Industry, Ministry of Statistics and Programme Implementation, Petroleum Planning and Analysis Cell, Reserve Bank of India, US Department of Treasury
* Banks' weighted average lending rate for fresh rupee loans
@ Includes HDFC Bank's credit numbers after merger with parent Housing Development Finance Corp.
End
US$1 = INR 87.6550
Compiled by Shubham Rana
Filed by Akul Nishant Akhoury
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