Further upside likely in factory output

"The retail inflation in November 2024 is expected to be around 6 percent," said Paras Jasrai, economist at India Ratings.

- SANJEEB MUKHERJEE

In October, the MPC moved to a neutral stance from its earlier "withdrawal of accommodation," while keeping the policy rate steady at 6.5 percent for a 10th straight meeting. The committee also maintained its retail inflation forecast for FY25 at 4.5 percent.

RBI Governor Shaktikanta Das last week had warned that October's inflation print would likely surpass September's, suggesting that a rate cut remains off the table despite the MPC's shift in policy stance.