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The Reserve Bank on Friday kept its inflation projection unchanged at 4.5 per cent for the current financial year, lower than 5.4 per cent in the last fiscal.

Speaking after the Monetary Policy Committee meeting in Mumbai on Friday, RBI governor Shaktikanta Das said assuming a normal monsoon this year, CPI (consumer price index-based) inflation for the current year is projected at 4.5 per cent, with Q1 at 4.9 per cent, Q2 at 3.8 per cent, Q3 at 4.6 per cent, and Q4 at 4.5 per cent.

The governor also stressed on the need to remain vigilant on food prices, given the forecast of higher temperatures between April-June. He also said that the impact of reduction in fuel prices on inflation will deepen in the coming months.

The RBI retained the GDP growth forecast of 7 per cent for 2024-25 financial year, lower than the 7.6 per cent expansion estimated for FY24. Also, as expected, the central bank kept the policy rate unchanged at 6.5%.

Das said the rural demand is gathering pace, and sustained growth in manufacturing sector should boost private investment.

In other decisions, RBI proposes to allow cash deposits through UPI. Also, it will launch a mobile app to facilitate retail participation in govt securities market.