"As expected, the RBI has kept the policy rate unchanged at 6.5% by eight consecutive times with a majority vote of 4:2. The MPC has continued with the stance of withdrawal of accommodation. The FY25 CPI inflation forecasted at 4.5%, whereas the GDP growth revised upward to 7.2% versus 7.0% estimated earlier. The food inflation remains higher which is likely to cool off with normal monsoon. We expect the accommodative stance post the full budget announcement on July 24. Additionally the food inflation will be key monitorable."