World Economy/India

🇮🇳

India

IND

Asia-Pacific • Sovereign Currency: INR

Analyze India with Schema AI

Nominal GDP

$3.94T

2024 Nominal

Annual GDP Growth

+6.7%

YoY Q2 FY25 (Jul-Sep)

Inflation (CPI)

6.2%

Oct 2024 Combined YoY

Policy Rate

6.50%

Repo Rate

10Y Sovereign Yield

6.82%

10-Year Benchmark G-Sec

Unemployment Rate

7.9%

Oct 2024 (CMIE)

Debt-to-GDP

82.5%

2024 FY Projection

Trade Balance

$-27.1B

Oct 2024 Merchandise Deficit

BLOOMBERG ECONOMICS MONETARY POLICY TRANSMISSION

🇮🇳RESERVE BANK OF INDIA POLICY DASHBOARD

Target Instrument: Policy Repo Rate • Sovereign: India (IND)

STANCE: hawkish

Next Meeting: 2026-12-06

LOOSER CONDITIONSIN LINE WITH TARGETTIGHTER CONDITIONS

STATUTORY BENCHMARK

6.50%Unchanged (0 bps)

Policy Repo Rate

REAL CARRY SPREAD (r - π)

+0.30%

Neutral Equilibrium

OVERNIGHT BENCHMARK (O/N)

N/A

Statutory money market fixing

YIELD CURVE SLOPE (10Y - r)

+0.32%

Normal Upward Slope

WAGES & PRICES2 METRICS

Headline CPI Inflation (YoY)Oct 2024 Combined YoY

Elevated above price stability band (+4.2% vs target)

MoSPI IndiaRef

6.20%

MILD TIGHT

Distance to Inflation Target (2.0%)Oct 2024 Combined YoY

Headline inflation exceeds 2% anchor by 4.20 percentage points

MoSPI IndiaRef

+4.20%

TIGHTER

SUPPLY & DEMAND2 METRICS

Annual Real GDP Growth RateQ2 FY25 (Jul-Sep)

Robust real economic expansion supporting labor demand

National Statistical Office (NSO) IndiaRef

6.70%

LOOSER

Unemployment Rate (Labor Slack)Oct 2024 (CMIE)

Elevated civilian labor slack exerting downward wage pressure

Centre for Monitoring Indian Economy (CMIE)Ref

7.90%

MILD TIGHT

FINANCIAL CONDITIONS4 METRICS

Policy Repo RateRepo Rate

Official statutory policy target rate set by Reserve Bank of India

Reserve Bank of India (RBI)Ref

6.50%

IN LINE

Real Carry Rate (Policy - CPI)Calculated

Positive real return regime delivering restrictive monetary drag

Reserve Bank of India vs MoSPI India

+0.30%

IN LINE

10-Year Sovereign Benchmark Yield10-Year Benchmark G-Sec

Long-term sovereign borrowing benchmark discounting term premium & inflation risk

Reserve Bank of IndiaRef

6.82%

MILD TIGHT

Yield Curve Slope (10Y - Policy Rate)Calculated

Upward-sloping normal term structure (+0.32%)

Sovereign Debt Desk vs Central Bank Target

+0.32%

LOOSER

EXTERNAL & FISCAL2 METRICS

Current Account / Trade BalanceOct 2024 Merchandise Deficit

Trade deficit requiring external capital inflows or debt financing

Ministry of Commerce and Industry IndiaRef

$-27.1B

IN LINE

General Government Debt / GDP2024 FY Projection

Moderate sovereign debt overhang requiring disciplined budget management

IMF Article IV ConsultationRef

82.50%

IN LINE

HISTORICAL RATE DECISION TRAJECTORY (POLICY REPO RATE)

Verified Chronological Decisions

2026-10-09

6.50%

Policy Assessment Summary: Fixed repo rate under liquidity adjustment facility.

Key Domestic Equities & Capital Markets

Major corporate champions tracked in WOWS with sovereign economic exposure

Index: Nifty 50 (NIFTY)

RELIANCE• Energy & Telecom

Reliance Industries

TCS• IT Services

Tata Consultancy Services