RBI MPC: Growth rate could top 7% if oil prices fall further

RBI MPC member Kumar stated that India's growth rate could exceed 7% if crude oil prices continue to fall, citing materially improved growth outlook since the June meeting. Brent crude has dropped from around $115 to below $80 per barrel following a West Asia peace accord, easing inflation and external balance concerns. RBI's FY27 growth projection stands at 6.6%, while the economy expanded 7.7% in the January-March quarter, and upcoming measures to attract foreign currency deposits are expected to stabilize the rupee.