RBI Policy
Then and now - movement of key data since MPC's June meet
This story was originally published at 17:28 IST on 4 August 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 June:
INDICATOR | LATEST | BEFORE JUNE POLICY |
CPI inflation | 4.38% (June) | 3.48% (April) |
Core CPI inflation | 4.1% (June) | 3.4% (April) |
WPI inflation | 9.87% (June) | 8.30% (April) |
Indian crude oil basket (per barrel) | $82.04 (July) | $106.23 (May) |
Core sector growth | 5.0% (June) | 1.7% (April) |
IIP growth | 7.3% (June) | 4.9% (April) |
GDP growth | 7.8% (Jan-Mar) | 7.8% (Oct-Dec) |
GVA growth | 7.9% (Jan-Mar) | 7.8% (Oct-Dec) |
Manufacturing PMI | 53.5 (July) | 55.0 (May) |
Services PMI@ | 53.1 (July) | 59.8 (May) |
Banks' lending rate* | 8.53% (June) | 8.50% (April) |
Credit growth | 17.7% (Jul. 15) | 16.2% (May 15) |
Exchange rate (average) | 95.8/$1 (July) | 95.5/$1 (May) |
India-US 10-year bond yield spread | 213 bps (Aug. 4) | 253 bps (Jun. 3) |
Fiscal deficit | 18.2% of FY27 Budget target (June) | 21.4% of FY27 Budget target (April) |
| Net durable liquidity balance | INR 5.36 trillion (Jul. 15) | INR 2.66 trillion (May 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
* Banks' weighted average lending rate for fresh rupee loans
@ Flash India Services Purchasing Managers' Index
End
US$1 = INR 95.3
Compiled by Pratiksha
Filed by Rajeev Pai
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