Key Events for the Month of March 2023:

• The Indian stock market continued to clock a monthly slide in March with the Nifty 1.08% lower and the Sensex down by 1.29% on the back of global uncertainties fueled by a banking crisis and persisting inflation.

• India's services PMI slows to 57.8 in March after a 12-year high in February.

• India CPI inflation in February drops to 6.44%

• India's gross collection from Goods and Services Tax rose 13% from a year earlier to Rs 1,60,122 crore, registering second highest collection since implementation of GST in July 2017.

• March turned out to be the first month in the current calendar year when Foreign Institutional Investors (FIIs) money flow turned positive and in March they showered over Rs 7,936 crore into the Indian equity market.

RBI Monetary Policy - April 2023:

• Repo rate unchanged at 6.5%

• Continued with “Withdrawal of Accommodative Stance”

• GDP growth projection for FY24 revised upward to 6.5% from 6.4%

• Inflation projection for FY24 lowered marginally to 5.2% from 5.3%

• On liquidity, RBI will continue to adopt a “nuanced and agile” approach