Mumbai

Following are the highlights of the Reserve Bank of India's October bi-monthly monetary policy announced by Governor Sanjay Malhotra after a three-day meeting of the Monetary Policy Committee (MPC) on Wednesday:

* Repo rate hiked by 25 bps to 5.5 pc;

* First rate hike since February 2023;

* MPC unanimously decided to raise interest rate;

* MPC also decided to change monetary policy stance to 'calibrated tightening';

* Rate cuts are off table in near term, policy action ahead can only be rate hike or pause;

* Indian economy has remained resilient;

* GDP growth forecast for FY27 raised by 40 bps to 7.1 pc;

* Global economic uncertainty, supply chain disruptions expected to have some bearing on economic activity;

* Inflation projections marginally raised to 5.2 pc for FY27;

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* Next meeting of the MPC is scheduled for December 2 to 4, 2026.