The MPC under the central bank projected the Indian economy to clock a growth rate of 6.7 per cent in the upcoming 2025-26 fiscal year (FY26).

The newly-appointed governor of the RBI, Sanjay Malhotra, with a mostly new Monetary Policy Committee (MPC) to boot, has kicked off his career by making a sharp break with his predecessor Shaktikanta Das who retired in December last year after helming the central bank for six years.

RBI had last reduced the repo rate by 40 basis points to 4 per cent in May 2020 to help the economy tide over the crisis following the outbreak of the Covid pandemic and subsequent lockdown.