ICRA Limited

Important Notice Despite lower -than -expected CAD in Q1 FY2023, full -year FY2023 print to exceed 3.0% of GDP for the first time since 2013 MPC raised repo rate by 50 bps and maintained policy stance by 5:1 votes; Dec 2022 policy decision to take cue from CPI and GDP prints Size of tax devolution, pending GST compensation and interest-free capex loan to states by the GoI to impact actual issuance of State G-secs in Q3 FY2023

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