RBI staying on a pause and maintaining its stance was in line with expectations. The RBI remains cautious on the inflation trajectory especially as inflation will remain above the 4% target for the foreseeable future. The RBI continues to estimate average inflation slightly above 5% for FY2024 and retained GDP growth at 6.5%. We believe there are some downside risks to growth. We believe that rate cuts will be contingent on significant divergence in growth-inflation prospects. We maintain our call that the RBI will be on an extended pause.