Jun-22 Macrobook - Economic outlook
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Jun 24, 2022
India Macrobook Jun-22
FY23 GDP growth revised lower to 7.0% from 7.3% earlier; FY23 CPI inflation forecast revised up to 6.5% from 6.1-6.3% earlier; FY23 current account deficit and Net BoP position revised to USD 105 bn (from USD 85 bn earlier) and USD -35 bn (from USD -10 bn earlier) respectively; We expect 75 bps repo rate hike along with 50 bps increase in reserve requirement before RBI takes a momentary pause; We expect 10Y g-sec yield to move up towards 8.00% before the end of FY23; We revise our USDINR call to 81 before the end of FY23 from 78 earlier.