RBI Policy
Then and now - movement of key data since MPC's Feb meet
This story was originally published at 17:25 IST on 6 April 2026
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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 February:
INDICATOR | LATEST | BEFORE FEBRUARY POLICY |
CPI inflation# | 3.21% (February) | 1.33% (December) |
Core CPI inflation# | 3.4% (February) | 4.6% (December) |
WPI inflation | 2.13% (February) | 0.83% (December) |
Indian crude oil basket (per barrel) | $113.49 (March) | $63.08 (January) |
Core sector growth | 2.3% (February) | 3.7% (December) |
IIP growth | 5.2% (February) | 7.8% (December) |
GDP growth@ | 7.8% (Oct-Dec) | 8.2% (Jul-Sept) |
GVA growth@ | 7.8% (Oct-Dec) | 8.1% (Jul-Sept) |
Manufacturing PMI | 53.9 (March) | 55.4 (January) |
Services PMI | 57.5 (March) | 58.5 (January) |
Banks' lending rate* | 8.44% (February) | 8.28% (December) |
Credit growth | 13.8% (Mar. 15) | 13.1% (Jan. 15) |
Exchange rate (average) | 92.8/$1 (March) | 90.8/$1 (January) |
India-US 10-year bond yield spread | 282 bps (Apr. 2) | 241 bps (Feb. 4) |
Fiscal deficit | 80.4% of FY26 revised Budget target (Apr-Feb) | 54.5% of FY26 Budget target (Apr-Dec) |
| Net durable liquidity balance | INR 5.14 trillion (Mar. 15) | INR 3.45 trillion (Jan. 15) |
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
# February CPI inflation and core inflation are based on the new series with 2024 as the base year. December CPI inflation and core inflation prints are based on the old series with 2012 as the base year.
@ GDP and GVA growth for Oct-Dec is based on the new series with FY23 base year. The GDP and GVA prints for Jul-Sept are based on the old GDP series with FY12 base year.
* Banks' weighted average lending rate for fresh rupee loans
End
US$1 = INR 93.06
Compiled by Shubham Rana
Filed by Tanima Banerjee
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