The RBI's Monetary Policy Committee decided to continue to retain the benchmark interest rate at 6.5%. Its estimate for inflation in FY24 is at 5.1% which is lower than the upper tolerance limit of 6% but still higher than the desired midpoint level of 4%. 

Given the RBI's, and other central banks', hawkish view on rates, where does India's economy stand? Would the impetus for economic growth have to come from an accommodative fiscal policy?

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