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Template ப்ராஸஸிங் செய்யும்போது பிழை ஏற்பட்டது. 
Failed to "?eval" string with this error:

---begin-message---
Syntax error in ?eval-ed string in line 1, column 27024:
Encountered "SecondLevelLink", but was expecting one of:
    "."
    ".."
    <DOT_DOT_LESS>
    "..*"
    "?"
    "??"
    "!"
    ","
    "["
    "("
    "}"
    <TERMINATING_EXCLAM>
---end-message---

The failing expression:
==> completeJson?eval  [in template "20099#20125#25189027" at line 18, column 56]

----
FTL stack trace ("~" means nesting-related):
	- Failed at: #list completeJson?eval as jsonKey, j...  [in template "20099#20125#25189027" at line 18, column 49]
----
1<#assign completeJson = content.getData()?remove_beginning("<p>")?remove_ending("</p>") , 
2				 isVariableString = completeJson?is_string 
3/> 
4 
5 
6<#assign theme_display = themeDisplay /> 
7<#assign images_folder = theme_display.getPathThemeImages() /> 
8<#assign tabindexNum ="" /> 
9 
10<!-- <div class="desktop-primary-navigation-wrapper full-width">--> 
11	<nav class="container pl-0 pr-0" tabindex="0"  aria-label="Primary Navigation Use tab keys to access menu items and Press enter key to activate."> 
12    <div class="rbi-header-wrap full-width"> 
13        <div class="container-fluid rbi-header"> 
14            <div data-title="Primary Navigation" id="primary-navigation" data-intro="Smart navigation with clear segregations" class="rbi-primary-navigation"> 
15                <ul class="nav navbar-site" role="menu"> 
16                    <!--Menu Level 1 start--> 
17                    <#if (content.getData())??> 
18						<#list completeJson?eval as jsonKey, jsonValue> 
19						<#list jsonValue as singleJsonValue> 
20						<li class="nav top-level-menu ${singleJsonValue.ListInfo}" role="menuitem" aria-label="${singleJsonValue.FirstLevelText} menu item"> 
21 
22                            <#if singleJsonValue.IsSecondLevelExists=="true"> 
23                                            <#assign topLevelMenuRole="role='menuitem'"> 
24                                                <#else> 
25                                                    <#assign topLevelMenuRole="role='menuitem'"> 
26                                        </#if> 
27                                                     
28						<#if singleJsonValue.FirstLevelText??> 
29						<span role="menu" class="page-level-one-text"> 
30							<a class="nav-link page-level-1" aria-label="${singleJsonValue.FirstLevelText} menu item"  ${topLevelMenuRole} href="${singleJsonValue.FirstLevelLink}"  tabindex="0" > 
31								<span class="text-truncate">${singleJsonValue.FirstLevelText}</span> 
32							</a> 
33					</span> 
34						</#if>      
35            <#if singleJsonValue.IsSecondLevelExists=="true"> 
36                    <div class="top-mega-menu-wrap" role="menu"   tabindex="0" aria-label="${singleJsonValue.FirstLevelText} Sub Menu Open"> 
37                        <div class="repateable-img d-none"></div> 
38                            <div class="mega-menu-first-block equalColumns"> 
39                                <div class="mega-menu-first-block-row"> 
40                                    <h3 tabindex="0">${singleJsonValue.FirstLevelText}</h3> 
41									<#if singleJsonValue.FirstLevelDescription?? && singleJsonValue.FirstLevelDescription!=""> 
42                                    <p tabindex="0" class="desc">${singleJsonValue.FirstLevelDescription}</p> 
43									</#if> 
44																		 
45                                       
46                                </div> 
47                            </div> 
48                        <div class="mega-menu-second-blocks equalColumns"> 
49												<span class="top-level-page-name">${singleJsonValue.FirstLevelText}</span> 
50                                                <!--Menu Level 2 start--> 
51                                                <#if singleJsonValue.IsSecondLevelExists == "true" > 
52                                                <ul class="second-level-menu test"> 
53                                <#list singleJsonValue.SecondLevelData as secondLevelData> 
54                                
55                                 
56                                <li class="second-level-page test" role="menuitem"> 
57                                    <!--${secondLevelData.SecondLevelLink}--> 
58                                         
59                                        <a class="second-level-menu-URL" target="_self"  
60                                        href="${secondLevelData.SecondLevelLink}" tabindex="0"> 
61                                            ${secondLevelData.SecondLevelText} 
62 
63                                        </a> 
64                                        <!--${secondLevelData.SecondLevelLink}--> 
65                                        <#if secondLevelData.IsThirdLevelExists == "true" > 
66                                        <div class="primary-nav-arrow-wrapper">  
67                                             
68                                           <span  class="primary-nav-arrow" role="menu" tabindex="0" title="Open Submenu for ${secondLevelData.SecondLevelText}">  
69                                             
70                                            <img src="${images_folder}/rbi-main/nav-arrow.svg" alt="${secondLevelData.SecondLevelText}"> 
71                                         
72                                            </span> 
73                                         
74										</div> 
75                                        </#if> 
76                                     
77											 
78                                         
79                                            <!--Menu Level 3 start--> 
80                                            <div class="mega-menu-third-blocks equalColumns"> 
81                                                <span class="third-level-page-name">${secondLevelData.SecondLevelText}</span> 
82            <#if secondLevelData.IsThirdLevelExists == "true" > 
83                                                            <ul class="third-level-menu"> 
84 
85            <#list secondLevelData.ThirdLevelData as thirdLevelData> 
86             
87            <#if thirdLevelData.IsFourthLevelExists == "true" > 
88                <#assign third_lavel_aria ="open sub menu for ${thirdLevelData.ThirdLevelText}" /> 
89                <#assign rolemenu = "role=menu" /> 
90                <#else> 
91              <#assign third_lavel_aria ="${thirdLevelData.ThirdLevelText}" /> 
92              <#assign rolemenu = "" /> 
93 
94            </#if> 
95 
96                <li class="third-level-page"> 
97                    <span class="hide-text"></span> 
98                    <a href="${thirdLevelData.ThirdLevelLink}" ${rolemenu}  aria-label="${third_lavel_aria}"  target="_self">${thirdLevelData.ThirdLevelText}</a> 
99                        <!--Menu Level 4 start--> 
100                     
101                                                                                        <#if thirdLevelData.IsFourthLevelExists == "true" > 
102         <ul class="fourth-level-menu"> 
103 
104                                                                                            <#list thirdLevelData.FourthLevelData as fourthLevelData> 
105                                                                                                <li class="fourth-level-page"  role="menuitem" >  
106                                                                                                    <a href="${fourthLevelData.FourthLevelLink}" target="_self">${fourthLevelData.FourthLevelText}</a> 
107                                                                                                </li> 
108                                                                                            </#list> 
109                                                                                                                                                                                                                            </ul> 
110                                                                                        </#if> 
111 
112 
113                </li> 
114               
115</#list> 
116</#if> 
117 
118            <!--json area--> 
119             
120                                                                <#if secondLevelData.IsThirdLevelExists == "true" > 
121                                                                    <#if secondLevelData.CommonSecondLevelData?? && secondLevelData.CommonSecondLevelData.Main.ImageLink != ""> 
122                                                                    <div class="pn-dynamic-data-wrapper"> 
123                                                                        <!--josn image--> 
124                                                                        <#if secondLevelData.CommonSecondLevelData.Main.ImageLink != ""> 
125                                                                        <div class="pn-dynamic-data--img d-none"> 
126                                                                            <img src="${secondLevelData.CommonSecondLevelData.Main.ImageLink}" alt="RBI" title="RBI" tabindex="0"> 
127                                                                        </div> 
128                                                                        </#if> 
129                                                                        <!--josn image--> 
130 
131                                                                        <!--json dynamic content--> 
132                                                                        <div class="pn-content-dynamic-wrapper"> 
133																																				       <h2>${languageUtil.get(locale, "quick-links")}</h2> 
134                                                                        <#if secondLevelData.CommonSecondLevelData.Others??> 
135                                                                            <#list secondLevelData.CommonSecondLevelData.Others as others> 
136                                                                            <#if others.Title != "" > 
137                                                                            <div class="pn-content-contents-row"> 
138                                                                                <div class="pn-content-contents-row--inner"> 
139                                                                                    <div class="pn-dynamic-content-title"> 
140                                                                                        <a href="${others.Link}" class="content-title--link"> 
141                                                                                            ${others.Title} 
142                                                                                        </a> 
143                                                                                    </div> 
144                                                                                    <#if others.Description != "" >  
145                                                                                    <div class="pn-dynamic-content-desc"> 
146                                                                                        ${others.Description} 
147                                                                                    </div> 
148                                                                                    </#if> 
149                                                                                </div> 
150                                                                            </div> 
151                                                                            </#if> 
152                                                                            </#list> 
153                                                                        </#if> 
154                                                                        </div> 
155                                                                        <!--json dynamic content--> 
156                                                                    </div> 
157                                                                    </#if> 
158                                                                        </ul> 
159                                                                </#if> 
160                                                                 
161            <!--json area--> 
162 
163     
164 
165    </div> 
166 
167</li> 
168 
169</#list> 
170</ul> 
171</#if> 
172<!--Menu Level 2 start-->      
173</div> 
174</div> 
175</#if> 
176 
177<!--top-mega-menu-wrap ends--> 
178 
179</li> 
180<!--Menu Level 1 ends--> 
181</#list> 
182</#list> 
183</#if>  
184 
185</ul> 
186</div> 
187</div> 
188</div> 
189</nav> 
190<!--</div>--> 
191 
192 
193<script> 
194    var clickedTab = false; 
195 
196    function tabPressEqualCol() { 
197       // console.log('tabPressEqualCol function called'); 
198        if ($(window).width() < 1024) { 
199                return false; 
200            } 
201 
202            $('.top-level-menu').each(function() { 
203                var getSecondLevelTabMenuLength = $(this).children(".top-mega-menu-wrap").find($(".second-level-menu li")).length; 
204                if (getSecondLevelTabMenuLength > 0) { 
205 
206                    // var isLevelOneisHidden = $(this).children(".top-mega-menu-wrap").is(":hidden"); 
207                    //     if (isLevelOneisHidden) { 
208                    //         $(this).children(".top-mega-menu-wrap").show(); 
209                    //         const elms = document.querySelector('.top-level-menu'); 
210                    //         const getLeftPos = elms.getBoundingClientRect(); 
211                    //         const shiftLeftPos = getLeftPos.left; 
212                    //     } 
213 
214                    var maxHeight = 0; 
215                    var sameBlocks = ($(this).children(".top-mega-menu-wrap")).children( 
216                    '.equalColumns'); 
217                    var thirdLevelBlockMenu = $(this).find('.mega-menu-third-blocks .third-level-menu'); 
218 
219                    sameBlocks.each(function (ev) { 
220                        $(this).css('height', 'fit-content'); 
221                        if ($(this).height() > maxHeight) { 
222                            maxHeight = $(this).height(); 
223                        } 
224						 
225                    }); 
226 
227                    sameBlocks.each(function (ev) { 
228                        if (maxHeight > 400) { 
229                            $(this).css('height', Math.round(maxHeight).toString() + 'px'); 
230                            $(thirdLevelBlockMenu).css('height', Math.round(maxHeight).toString() + 'px'); 
231                        } else { 
232                            $(this).css('height', '400px'); 
233                            $(thirdLevelBlockMenu).css('height', '400px'); 
234                        } 
235                    }); 
236                } 
237            }); 
238             
239 
240 
241 
242 
243    } 
244 
245    //tab key invoke// 
246$(document).on('keyup', '.primary-nav-arrow', function (e) { 
247    if ((e.keyCode === 9) || (e.keyCode === 13))  { 
248        console.log('tab press'); 
249        tabPressEqualCol(); 
250    } 
251}); 
252 
253	 
254    $(document).ready(function () { 
255 
256        tabPressEqualCol(); 
257			 
258			//third level content title character length 
259			$(".pn-dynamic-content-title a.content-title--link").each(function() { 
260				var getFeedbackText=$(this).text().trim(); 
261				if (getFeedbackText.length > 43) { 
262					 var setFeedbackText = getFeedbackText.substring(0,43); 
263					$(this).text(setFeedbackText); 
264				} 
265				//console.log("getFeedbacktext --- " + getFeedbackText); 
266			}); 
267 
268			//third level content Desc character length 
269			$(".pn-dynamic-content-desc").each(function() { 
270				var getFeedbackText=$(this).text().trim(); 
271				if (getFeedbackText.length > 43) { 
272					 var setFeedbackText = getFeedbackText.substring(0, 43); 
273					$(this).text(setFeedbackText); 
274				} 
275				//console.log("getFeedbacktext --- " + getFeedbackText); 
276			}); 
277			 
278        // Check if 3rd level nav items exist 
279        if($(".second-level-page").length){ 
280            $(".second-level-page").each(function() { 
281                let thirdLevelNavItems = $(this).find('.third-level-page'); 
282                if(thirdLevelNavItems.length){ 
283                    $(this).addClass('has-level-3'); 
284                } 
285            }); 
286        }   
287 
288        // Check if 4th level nav items exist 
289        if($(".third-level-page").length){ 
290            $(".third-level-page").each(function() { 
291                let fourthLevelNavItems = $(this).find('.fourth-level-page'); 
292                if(fourthLevelNavItems.length){ 
293                    $(this).addClass('is-level-4-accordion'); 
294                    $(this).parents('.mega-menu-third-blocks').addClass('is-level-4-accordion-parent'); 
295                } 
296            }); 
297        }         
298 
299        // Close Nav 1st level anchor text 
300        $(".top-level-page-name").on('click', function () { 
301            $(this).closest(".top-mega-menu-wrap").hide(); 
302        }); 
303 
304        // Close Nav 2nd level anchor text 
305        $(".third-level-page-name").on('click', function () { 
306            $(this).parent(".mega-menu-third-blocks").removeClass('level-3-open'); 
307            $(this).siblings($(".third-level-menu")).hide(); 
308        }); 
309 
310        // Nav 1st level anchor link with lchange for accessibilty fix line 300, 306 and 309 
311        $('.top-level-menu> span a').on('click', function (e) { 
312            if ($(this).hasClass('disableURL')) { 
313                e.preventDefault(); 
314            } 
315 
316            if ($(window).width() < 1024) { 
317                var getSecondLevelMenuLength = $(this).parent().siblings(".top-mega-menu-wrap").find($( 
318                    ".second-level-menu li")).length; 
319                if (getSecondLevelMenuLength > 0) { 
320                    var menuOpen = $(this).parent().siblings(".top-mega-menu-wrap").is(":hidden"); 
321                    if (menuOpen) { 
322                        $(this).parent().siblings(".top-mega-menu-wrap").show(); 
323                    } 
324                } 
325            } 
326        }); 
327 
328        // Nav 1st level anchor link 
329		$('.second-level-page a').on('click', function (e) { 
330            if ($(this).hasClass('disableURL')) { 
331                e.preventDefault(); 
332            } 
333            if ($(window).width() < 1024) { 
334                var getThirdLevelMenuLength = $(this).closest('.second-level-page').children(".mega-menu-third-blocks").find($(".third-level-menu li")).length; 
335                if (getThirdLevelMenuLength > 0) { 
336                    $(this).closest('.second-level-page').children(".mega-menu-third-blocks").addClass('level-3-open'); 
337                    $(this).closest('.second-level-page').children(".mega-menu-third-blocks").find($(".third-level-menu")).show(); 
338					//console.log("clicked...."); 
339                } 
340            } 
341        }); 
342		 
343		 
344 
345		$('.second-level-page .primary-nav-arrow').on('click', function (e) { 
346            if ($(this).hasClass('disableURL')) { 
347                e.preventDefault(); 
348            } 
349            if ($(window).width() < 1024) { 
350                var getThirdLevelMenuLength = $(this).closest('.second-level-page').children(".mega-menu-third-blocks").find($(".third-level-menu li")).length; 
351                if (getThirdLevelMenuLength > 0) { 
352                    $(this).closest('.second-level-page').children(".mega-menu-third-blocks").addClass('level-3-open'); 
353                    $(this).closest('.second-level-page').children(".mega-menu-third-blocks").find($(".third-level-menu")).show(); 
354					//console.log("clicked...."); 
355                } 
356            } 
357        }); 
358 
359        // Nav 1st level mouseenter event 
360        $('.top-level-menu').mouseenter(function (e) { 
361            if ($(window).width() < 1024) { 
362                return false; 
363            } 
364             
365            var getSecondLevelMenuLength = $(this).children(".top-mega-menu-wrap").find($( 
366                ".second-level-menu li")).length; 
367                 
368              //added  
369              if (getSecondLevelMenuLength === 0) { 
370                    $(this).closest('.top-level-menu').find('.page-level-1').addClass("withoutDropdown"); 
371					//$(this).closest('.top-level-menu').find('.top-mega-menu-wrap').remove(); 
372                }    
373            if (getSecondLevelMenuLength > 0) { 
374                var isLevelOneisHidden = $(this).children(".top-mega-menu-wrap").is(":hidden"); 
375                if (isLevelOneisHidden) { 
376                    $(this).children(".top-mega-menu-wrap").show(); 
377                    const elms = document.querySelector('.top-level-menu'); 
378                    const getLeftPos = elms.getBoundingClientRect(); 
379                    const shiftLeftPos = getLeftPos.left; 
380 
381                    //$(this).children(".top-mega-menu-wrap").css("left", "-" + shiftLeftPos + "px"); 
382 
383                    // added for equal column //  
384                    var maxHeight = 0; 
385                    var sameBlocks = ($(this).children(".top-mega-menu-wrap")).children( 
386                    '.equalColumns'); 
387                    var thirdLevelBlockMenu = $(this).find('.mega-menu-third-blocks .third-level-menu'); 
388 
389                    sameBlocks.each(function (ev) { 
390                        $(this).css('height', 'fit-content'); 
391                        if ($(this).height() > maxHeight) { 
392                            maxHeight = $(this).height(); 
393                        } 
394						 
395                    }); 
396 
397                    sameBlocks.each(function (ev) { 
398                        if (maxHeight > 400) { 
399                            $(this).css('height', Math.round(maxHeight).toString() + 'px'); 
400                            $(thirdLevelBlockMenu).css('height', Math.round(maxHeight).toString() + 'px'); 
401                        } else { 
402                            $(this).css('height', '400px'); 
403                            $(thirdLevelBlockMenu).css('height', '400px'); 
404                        } 
405						 
406				}); 
407                } 
408            } 
409             
410        }); 
411 
412        // Nav 1st level mouseleave event 
413        $('.top-level-menu').mouseleave(function (e) { 
414            if ($(window).width() < 1024) { 
415                return false; 
416            } 
417            $(this).children(".top-mega-menu-wrap").hide(); 
418            $(".third-level-menu").hide(); 
419        }); 
420 
421        // Nav 2nd level mouseenter event 
422        $(".second-level-page").mouseenter(function () { 
423            if ($(window).width() < 1024) { 
424                return false; 
425            } 
426            var thirdLevelMenu = $(this).find(".third-level-menu"); 
427            var thirdLevelMenuItems = $(this).find(".third-level-menu li"); 
428 
429            if (thirdLevelMenuItems.length > 0) { 
430                thirdLevelMenu.show(); 
431            }             
432        }); 
433 
434        // Nav 2nd level mouseleave event 
435        $(".second-level-page").mouseleave(function () { 
436            if ($(window).width() < 1024) { 
437                return false; 
438            } 
439            var thirdLevelMenu = $(this).find(".third-level-menu"); 
440            thirdLevelMenu.hide(); 
441        }); 
442 
443        // retriving top level url  
444        $(document).on('keydown', '.top-level-menu', function (e) { 
445            $('.nav.navbar-site').first().children('li').each(function () { 
446               // $(this).find('a').attr('tabindex', '0'); 
447               // $(this).find('a').addClass('First-level-menu'); 
448            }); 
449           
450            $(this).each(function () { 
451                if ( $(this).children('.page-level-1').hasClass('disableURL') ) { 
452                    if (e.which == 13) { 
453                        if ($(this).find('.top-mega-menu-wrap').is(":hidden")) { 
454                            $(".top-mega-menu-wrap").hide(); 
455                            $(this).find(".top-mega-menu-wrap").show(); 
456                            clickedTab = true; 
457                            e.preventDefault(); 
458                        } else { 
459                            $(this).find(".top-mega-menu-wrap").hide(); 
460                        } 
461                    } 
462                } 
463                 
464            }); 
465        }); 
466 
467        $(".rbi-primary-navigation a").each(function () { 
468            var getPageLevelURL = $(this).attr("href"); 
469            if (((getPageLevelURL.indexOf("javascript") > -1)) || ((getPageLevelURL.indexOf( 
470                    "Javascript") > -1))) { 
471                $(this).addClass("disableURL"); 
472            } 
473 
474            // added for collaborative events menu should not open  
475            if ((getPageLevelURL.indexOf("href") > -1))  { 
476                $(this).addClass("menu-not-open-collaborative"); 
477            } 
478 
479             
480        }); 
481          
482        /*blocked temprary need to know why shift key is desier*/ 
483        // $('.mega-menu-second-blocks .second-level-menu>li:last-child>a').on('keydown', function (e) { 
484        //     if( !e.shiftKey && e.keyCode ){ 
485        //         $('.top-mega-menu-wrap').css('display', 'none');   
486        //     }                        
487        // }); 
488 
489        var navMousedown = false; 
490        $('.mega-menu-third-blocks .third-level-menu>li:last-child>a').on('mousedown', function () { 
491            navMousedown = true; 
492        }); 
493 
494        $('.mega-menu-third-blocks .third-level-menu>li:last-child>a').on('focusout', function (event) { 
495            $(this).keydown(function (e) { 
496                if(!navMousedown) { 
497                    if( !e.shiftKey && e.keyCode ){ 
498                        if( !$(this).parent('.is-level-4-accordion').hasClass('active') ){ 
499                            $(".third-level-menu").css('display', 'none'); 
500                            $(this).parent('.second-level-page').focus();  
501                        }                         
502                    }                 
503                } 
504                navMousedown = false;   
505            });                       
506        }); 
507 
508        $('.mega-menu-second-blocks .second-level-menu li.has-level-3').on('keydown', function (event) { 
509            // on click of enter  
510            if (event.which === 13) { 
511                $(this).trigger('click').find('.third-level-menu').css('display', 'block'); 
512                 
513            } 
514        }); 
515 
516        $('.mega-menu-second-blocks .second-level-menu>li>a').on('focus', function (event) { 
517            $(".third-level-menu").css('display', 'none'); 
518        }); 
519 
520        $('.rbi-header .site-logo .custom-logo').on('focusout', function (event) { 
521            $('.rbi-primary-navigation>ul>li:nth-child(2)>a').attr('tabindex', '0'); 
522        }); 
523 
524        // On load get number of languages 
525        let rbiLanguages = []; 
526 
527        if ($(".multipleLanguae-wrapper #languageSelector option").length) { 
528            $(".multipleLanguae-wrapper #languageSelector option").each(function () { 
529                let currentItem = { 
530                    languageText: $(this).text(), 
531                    languageURL: $(this).attr('value') 
532                }; 
533                rbiLanguages.push(currentItem); 
534            }); 
535        }  
536		 
537 
538        // Add languages to mobile list items 
539        let langListItem = ''; 
540        let langListItemContainer = $(".pwa-primary-navigation-wrapper .nav>li:first-child").find( 
541            '.second-level-menu'); 
542        langListItemContainer.empty(); 
543				 
544				     if (rbiLanguages.length) { 
545            $.each(rbiLanguages, function (key, value) { 
546							 
547                if (value.languageURL == value.languageText) { 
548                    langListItem = 
549                        "<li class='second-level-page selected test' ><a href='javascript:void(0)' target='_self'>" + 
550                        value.languageText + "</a></li>"; 
551                } else { 
552                    langListItem = 
553                        "<li class='second-level-page test'><a href='" + 
554                        value.languageURL + "' target='_self'>" + value.languageText + "</a></li>"; 
555                } 
556 
557                langListItemContainer.append(langListItem); 
558            }); 
559        } 
560         
561 
562    }); 
563window.addEventListener("load", () => { 
564    setTimeout(() => { 
565        if(window.location.href.includes('lost-in-transmission-financial-markets-and-monetary-policy-duplicate-0') 
566        ){ 
567                $(".multipleLanguae-wrapper .list ul li").each(function () { 
568                        $(this).removeClass('d-none') 
569                }); 
570        } 
571    }, 2000); 
572 }); 
573 
574</script> 
575 
576 
577<script> 
578$(document).ready(function(){ 
579		setTimeout(function() {  
580        $('.rbi_home_hero_wrapper .owl-dots button').attr('aria-label', 'Slide Navigation'); 
581        $('.rbi_home_hero_wrapper .owl-dots button').attr('title', 'Slide Navigation'); 
582    }, 50); 
583}); 
584</script> 
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சொத்து வெளியீட்டாளர்

பின்செல்

83737373
வெளியிடப்பட்ட தேதி ஆகஸ்ட் 05, 2022
listen

Survey of Professional Forecasters on Macroeconomic Indicators- Results of the 77th Round

The Reserve Bank has been conducting the survey of professional forecasters (SPF) since September 2007. The responses for 77th round of the survey were received during July 13 – July 29, 2022, wherein forty-two panellists participated. The survey results are summarised in terms of their median forecasts (Annexes 1-7), along with quarterly paths for key variables.

Highlights:

1. Output

  • Real gross domestic product (GDP) is expected to grow by 7.1 per cent in 2022-23 [projections revised down by 10 basis points (bps) from the last survey round]; it is expected to grow by 6.3 per cent in 2023-24 (Table 1).

  • SPF panellists have placed GDP growth forecasts in the range of 6.3 – 8.3 per cent for 2022-23 and in the range 5.0-7.8 per cent for 2023-24; the range for 2022-23 have considerably narrowed from the last SPF round, indicating more certainty around the median forecast (Annexes 1 and 2).

  • Forecasters have assigned highest probability to real GDP growth in the range 7.0-7.4 per cent in 2022-23 (Chart 1). For 2023-24, highest probability has been assigned to the range 6.5-6.9 per cent (Chart 2).

Chart 1: Probability distribution of GDP growth forecast for 2022-23

Chart 2: Probability distribution of GDP growth forecast for 2023-24

Note: Tails of the distributions are not presented in Charts 1 and 2. Detailed probability distributions are given in Annex 6.

  • Annual growth in real private final consumption expenditure (PFCE) and real gross fixed capital formation (GFCF) for 2022-23 are expected at 7.5 per cent and 8.8 per cent, respectively.

  • Real gross value added (GVA) growth projection for 2022-23 has been revised down by 10 bps to 6.7 per cent mainly due to downward revision by 20 bps in GVA growth from agriculture and allied activities.
Table 1: Median Forecast of Growth in GDP, GVA and components
(in per cent)
  2022-23 2023-24
Real GDP 7.1
(-0.1)		 6.3
(-0.2)
a. Real PFCE 7.5
(+0.1)		 6.2
(+0.1)
b. Real GFCF 8.8
(+0.1)		 7.0
(-0.9)
Nominal PFCE 15.4
(+0.4)		 12.0
(-0.1)
Real GVA 6.7
(-0.1)		 6.1
(-0.1)
a. Agriculture and Allied Activities 3.0
(-0.2)		 3.1
(-0.2)
b. Industry 5.8
(+0.3)		 5.3
(-0.3)
c. Services 8.3
(0.0)		 7.3
(0.0)
Gross Saving Rate
[per cent of gross national disposable income]		 28.1
(-0.1)		 28.6
(0.0)
Gross Capital Formation Rate
[per cent of GDP at current market prices]		 31.5
(+0.3)		 31.6
(+0.2)
Note: The figures in parentheses indicate the extent of revision in median forecasts (in percentage points) relative to the previous SPF round (applicable for all Tables).
  • Real GDP is expected to grow (Y-o-Y) by 14.5 per cent in Q1:2022-23 and moderate successively thereafter to 4.3 per cent in Q4:2022-23 (Table 2).
Table 2: Median Growth Forecast of Quarterly GDP, GVA and components
(in per cent)
  Q1:2022-23 Q2:2022-23 Q3:2022-23 Q4:2022-23 Q1:2023-24
Real GDP 14.5
(+0.5)		 6.3
(0.0)		 5.0
(-0.3)		 4.3
(-0.2)		 5.8
a. Real PFCE 16.0
(+2.0)		 7.1
(0.0)		 4.7
(-0.8)		 5.3
(-0.4)		 6.0
b. Real GFCF 13.1
(-0.1)		 6.0
(0.0)		 7.8
(0.0)		 6.9
(+0.4)		 6.5
Real GVA 14.0
(+1.5)		 6.0
(-0.1)		 4.6
(-0.3)		 4.1
(-0.6)		 6.3

2. Inflation

  • Headline consumer price index (CPI) inflation is expected to remain at above 7.0 per cent during Q2:2022-23 and moderate thereafter to 6.0 per cent by Q4:2022-23 (Table 3). Headline inflation forecast has been revised upwards for H2:2022-23 in the current round from the previous round.

  • CPI inflation, excluding food and beverages, pan, tobacco and intoxicants, and fuel and light, is expected at 6.1 per cent in Q2:2022-23 and would subsequently soften to 5.6 per cent in Q4:2022-23.
Table 3: Median Forecast of Quarterly Inflation
(in per cent)
  Q2:2022-23 Q3:2022-23 Q4:2022-23 Q1:2023-24
CPI Combined (General) 7.1
(0.0)		 6.5
(+0.3)		 6.0
(+0.1)		 5.0
CPI Combined excluding food and beverages, pan, tobacco and intoxicants and fuel and light 6.1
(+0.1)		 5.9
(-0.1)		 5.6
(-0.1)		 5.0
WPI All Commodities 13.5
(0.0)		 10.0
(-0.2)		 7.4
(-1.1)		 5.8
WPI Non-food Manufactured Products 8.4
(-1.1)		 6.6
(-1.0)		 5.4
(-1.5)		 3.6
  • Forecasters have assigned the highest probability to CPI inflation lying in the range of 7.0-7.4 per cent in Q2:2022-23; in the range of 6.0-6.4 per cent in Q3:2022-23; in the wider range of 5.5-6.4 per cent in Q4:2022-23 and in the range of 5.0-5.4 per cent in Q1:2023-24 (Chart 3).
Chart 3: Probability distribution of CPI inflation forecast from Q2:2022-23 to Q1:2023-24

Note: Tails of the distributions are not presented in the Chart. Detailed probability distributions are given in Annex 7.

3. External Sector

  • Merchandise exports and imports are projected to grow by 11.7 per cent and 19.0 per cent, respectively, during 2022-23 and further by 7.0 per cent and 6.0 per cent, respectively, during 2023-24 (Table 4).

  • SPF panellists expect current account deficit at 3.0 per cent (of GDP at current market prices) in 2022-23 and at 2.4 per cent in 2023-24.

  • The Indian rupee is likely to remain in the range of ₹79.0–₹80.0 per US dollar till Q1:2023-24 (Annex 3).

Table 4: Median Forecast of Select External Sector Variables
  2022-23 2023-24
Merchandise Exports in US $ terms
(annual growth in per cent)		 11.7
(+2.4)		 7.0
(-0.7)
Merchandise Imports in US $ terms
(annual growth in per cent)		 19.0
(+3.0)		 6.0
(-2.0)
Current Account Balance
(per cent of GDP at current market prices)		 -3.0
(0.0)		 -2.4
(+0.1)

The Reserve Bank thanks the following panellists for their participation in this round of the Survey of Professional Forecasters (SPF):

Abhishek Gupta (Bloomberg Economics), Aditi Nayar (ICRA Limited), Ashish Kumar (Adani Group), Debopam Chaudhuri (TruBoard Partners), Devendra Kumar Pant (India Ratings & Research), Dhiraj Nim (ANZ), Dipti Deshpande (CRISIL Ltd.), Dr. Tirthankar Patnaik (National Stock Exchange), Gaura Sen Gupta (IDFC FIRST Bank), Gaurav Kapur (IndusInd Bank Limited), Indranil Pan (Yes Bank), ICICI Securities PD, Madhavi Arora (Emkay Global Financial Services Ltd), Manasi Swamy (Centre for Monitoring Indian Economy Pvt. Ltd.), Rahul Bajoria (Barclays Bank PLC), Nikhil Gupta (Motilal Oswal), Pinaki M. Mukherjee (Maruti Suzuki), Shailesh Kejariwal (B&K Securities India Pvt ltd), Shubhada Rao (QuantEco Research), Siddharth V Kothari (Sunidhi Securities & Finance Limited), TAC Economics, and Upasna Bhardwaj (Kotak Mahindra Bank).

The Bank also acknowledges the contribution of twenty other SPF panellists, who prefer to remain anonymous.

Annex 1: Annual Forecasts for 2022-23
  Key Macroeconomic Indicators Annual Forecasts for 2022-23
Mean Median Max Min 1st quartile 3rd quartile
1 GDP at constant (2011-12) prices: Annual Growth (per cent) 7.1 7.1 8.3 6.3 7.0 7.3
a Private Final Consumption Expenditure (PFCE) at constant (2011-12) prices: Annual Growth (per cent) 7.6 7.5 10.5 5.0 6.8 8.3
b Gross Fixed Capital Formation (GFCF) at constant (2011-12) prices: Annual Growth (per cent) 9.3 8.8 19.7 5.6 7.9 10.6
2 Private Final Consumption Expenditure (PFCE) at current prices: Annual Growth (per cent) 15.4 15.4 19.6 12.0 13.9 16.6
3 Gross Capital Formation Rate (per cent of GDP at current market prices) 31.0 31.5 34.0 25.0 31.0 32.0
4 GVA at constant (2011-12) prices: Annual Growth (per cent) 6.9 6.7 8.0 6.2 6.6 7.1
a Agriculture & Allied Activities at constant (2011-12) prices: Annual Growth (per cent) 3.3 3.0 5.9 1.5 3.0 3.6
b Industry at constant (2011-12) prices: Annual Growth (per cent) 6.0 5.8 9.3 1.8 5.0 7.1
c Services at constant (2011-12) prices: Annual Growth (per cent) 8.4 8.3 10.5 6.4 7.9 9.1
5 Gross Saving Rate (per cent of Gross National Disposable Income) -at current prices 28.5 28.1 33.1 26.5 28.0 28.8
6 Fiscal Deficit of Central Govt. (per cent of GDP at current market prices) 6.5 6.5 7.5 6.2 6.4 6.6
7 Combined Gross Fiscal Deficit (per cent to GDP at current market prices) 9.8 9.7 11.5 9.0 9.6 10.0
8 Bank Credit of Scheduled commercial banks: Annual Growth (per cent) 11.4 11.4 15.0 7.0 10.5 12.3
9 Yield on 10-Year G-Sec of Central Govt. (end-period) 7.6 7.6 8.3 6.8 7.5 7.8
10 Yield on 91-day T-Bill of Central Govt. (end-period) 5.9 6.0 6.8 4.5 5.7 6.3
11 Merchandise Exports (BoP basis in US$ terms): Annual Growth (per cent) 12.7 11.7 42.6 0.0 9.1 14.8
12 Merchandise Imports (BoP basis in US$ terms): Annual Growth (per cent) 21.2 19.0 60.0 9.7 17.3 21.8
13 Current Account Balance in US$ bn. -102.6 -105.8 -49.1 -122.0 -110.5 -98.6
a Current Account Balance (per cent to GDP at current market prices) -2.9 -3.0 -1.6 -3.5 -3.2 -2.9
14 Overall BoP in US$ bn. -41.0 -39.9 -11.4 -79.3 -51.0 -29.8
15 Inflation based on CPI Combined: Headline 6.7 6.7 7.3 6.2 6.5 6.9
16 Inflation based on CPI Combined: excluding Food and Beverages, Pan, Tobacco and Intoxicants and Fuel and Light 6.0 6.0 6.6 5.4 5.8 6.2
17 Inflation based on WPI: All Commodities 11.4 11.3 16.0 9.5 10.5 12.0
18 Inflation based on WPI: Non-food Manufactured Products 8.0 7.9 12.3 5.3 7.1 8.8

Annex 2: Annual Forecasts for 2023-24
  Key Macroeconomic Indicators Annual Forecasts for 2023-24
Mean Median Max Min 1st quartile 3rd quartile
1 GDP at constant (2011-12) prices: Annual Growth (per cent) 6.3 6.3 7.8 5.0 5.9 6.6
a Private Final Consumption Expenditure (PFCE) at constant (2011-12) prices: Annual Growth (per cent) 6.1 6.2 7.5 3.0 5.9 6.7
b Gross Fixed Capital Formation (GFCF) at constant (2011-12) prices: Annual Growth (per cent) 7.0 7.0 12.3 3.6 6.0 7.5
2 Private Final Consumption Expenditure (PFCE) at current prices: Annual Growth (per cent) 11.9 12.0 15.9 7.2 11.0 12.4
3 Gross Capital Formation Rate (per cent of GDP at current market prices) 31.4 31.6 34.0 26.7 31.4 32.0
4 GVA at constant (2011-12) prices: Annual Growth (per cent) 6.2 6.1 8.0 4.8 5.7 6.5
a Agriculture & Allied Activities at constant (2011-12) prices: Annual Growth (per cent) 3.2 3.1 5.0 1.8 3.0 3.5
b Industry at constant (2011-12) prices: Annual Growth (per cent) 5.5 5.3 9.0 2.3 4.9 6.3
c Services at constant (2011-12) prices: Annual Growth (per cent) 7.5 7.3 10.2 5.9 6.9 8.0
5 Gross Saving Rate (per cent of Gross National Disposable Income) -at current prices 28.8 28.6 33.4 26.8 28.0 29.3
6 Fiscal Deficit of Central Govt. (per cent of GDP at current market prices) 6.0 6.0 6.5 5.2 6.0 6.2
7 Combined Gross Fiscal Deficit (per cent to GDP at current market prices) 9.0 9.0 10.5 8.1 8.8 9.2
8 Bank Credit of Scheduled commercial banks: Annual Growth (per cent) 10.5 10.4 13.0 7.5 10.0 11.5
9 Yield on 10-Year G-Sec of Central Govt. (end-period) 7.5 7.5 8.3 6.8 7.1 7.9
10 Yield on 91-day T-Bill of Central Govt. (end-period) 5.7 6.0 6.8 4.1 5.2 6.1
11 Merchandise Exports (BoP basis in US$ terms): Annual Growth (per cent) 6.9 7.0 46.1 -5.0 3.8 8.0
12 Merchandise Imports (BoP basis in US$ terms): Annual Growth (per cent) 7.2 6.0 55.5 -10.0 1.8 8.9
13 Current Account Balance in US$ bn. -88.4 -91.0 -39.6 -116.1 -102.7 -75.2
a Current Account Balance (per cent to GDP at current market prices) -2.3 -2.4 -1.0 -3.0 -2.8 -2.0
14 Overall BoP in US$ bn. -0.8 2.3 40.0 -48.1 -21.5 25.0
15 Inflation based on CPI Combined: Headline 5.2 5.2 6.0 3.5 4.9 5.5
16 Inflation based on CPI Combined: excluding Food and Beverages, Pan, Tobacco and Intoxicants and Fuel and Light 5.2 5.2 6.0 4.5 4.9 5.5
17 Inflation based on WPI: All Commodities 5.4 5.5 10.3 2.0 3.5 6.5
18 Inflation based on WPI: Non-food Manufactured Products 4.4 5.0 13.0 0.2 2.4 5.2

Annex 3: Quarterly Forecasts from Q1:2022-23 to Q1:2023-24
  Key Macroeconomic Indicators Quarterly Forecasts
Q1: 2022-23 Q2: 2022-23 Q3: 2022-23
Mean Median Max Min Mean Median Max Min Mean Median Max Min
1 GDP at constant (2011-12) prices: Annual Growth (per cent) 14.5 14.5 20.1 5.0 6.3 6.3 8.4 2.5 4.8 5.0 8.3 2.9
a Private Final Consumption Expenditure (PFCE) at constant (2011-12) prices: Annual Growth (per cent) 15.4 16.0 25.2 5.6 6.9 7.1 10.0 1.0 4.6 4.7 10.0 -0.6
b Gross Fixed Capital Formation (GFCF) at constant (2011-12) prices: Annual Growth (per cent) 15.3 13.1 30.3 5.2 7.0 6.0 15.0 1.4 9.7 7.8 19.7 3.9
2 Private Final Consumption Expenditure (PFCE) at current prices: Annual Growth (per cent) 23.4 24.4 35.2 12.5 15.9 15.9 24.0 10.2 12.7 12.4 18.0 5.4
3 Gross Fixed Capital Formation (GFCF) Rate (per cent of GDP at current market prices) 28.8 29.0 31.5 25.5 28.9 29.2 32.2 21.2 28.3 28.0 31.5 26.5
4 GVA at constant (2011-12) prices: Annual Growth (per cent) 13.2 14.0 18.3 4.8 6.1 6.0 8.3 3.0 4.8 4.6 8.1 3.1
a Agriculture & Allied Activities at constant (2011-12) prices: Annual Growth (per cent) 3.4 3.2 7.9 1.0 3.3 3.2 5.6 1.9 3.3 3.1 6.7 1.1
b Industry at constant (2011-12) prices: Annual Growth (per cent) 11.2 8.9 46.6 5.0 5.0 4.8 9.5 0.7 4.7 4.2 9.4 0.3
c Services at constant (2011-12) prices: Annual Growth (per cent) 16.3 17.2 25.2 6.4 7.4 7.8 10.5 3.6 5.9 5.9 10.7 2.0
5 IIP (2011-12=100): Quarterly Average Growth (per cent) 10.4 11.8 16.0 2.5 4.4 4.3 13.6 -1.1 4.7 4.5 15.2 0.1
6 Merchandise Exports -BoP basis (in US$ bn.) 117.5 118.9 121.2 109.0 117.5 117.0 126.2 113.2 117.9 118.7 131.2 103.0
7 Merchandise Imports -BoP basis (in US$ bn.) 186.1 189.3 191.0 170.0 181.4 181.7 201.5 166.9 184.6 186.0 197.8 172.4
8 Rupee per US $ Exchange rate (end-period) - - - - 80.2 80.0 82.0 77.6 79.6 80.0 82.5 74.9
9 Crude Oil (Indian basket) price (US $ per barrel) (end-period) - - - - 107.5 105.6 130.0 95.0 102.1 100.0 125.3 85.0
10 Policy Repo Rate (end-period) - - - - 5.45 5.50 5.75 4.90 5.71 5.75 6.00 4.75

  Key Macroeconomic Indicators Quarterly Forecasts
Q4: 2022-23 Q1: 2023-24
Mean Median Max Min Mean Median Max Min
1 GDP at constant (2011-12) prices: Annual Growth (per cent) 4.4 4.3 8.7 1.2 6.2 5.8 11.0 4.3
a Private Final Consumption Expenditure (PFCE) at constant (2011-12) prices: Annual Growth (per cent) 5.3 5.3 8.1 2.5 6.6 6.0 10.8 4.8
b Gross Fixed Capital Formation (GFCF) at constant (2011-12) prices: Annual Growth (per cent) 6.9 6.9 16.4 1.0 6.3 6.5 9.1 -1.7
2 Private Final Consumption Expenditure (PFCE) at current prices: Annual Growth (per cent) 12.0 11.8 16.7 7.7 12.4 11.9 17.2 11.0
3 Gross Fixed Capital Formation (GFCF) Rate (per cent of GDP at current market prices) 29.6 30.1 32.2 21.9 27.6 29.6 31.5 12.6
4 GVA at constant (2011-12) prices: Annual Growth (per cent) 4.6 4.1 9.8 -0.2 6.3 6.3 10.2 4.5
a Agriculture & Allied Activities at constant (2011-12) prices: Annual Growth (per cent) 3.1 3.1 4.1 1.3 3.3 3.1 4.7 2.0
b Industry at constant (2011-12) prices: Annual Growth (per cent) 4.4 4.1 10.5 -1.8 4.8 5.0 9.4 -2.1
c Services at constant (2011-12) prices: Annual Growth (per cent) 5.7 5.5 12.2 -0.5 7.6 7.4 13.6 5.1
5 IIP (2011-12=100): Quarterly Average Growth (per cent) 4.6 3.4 18.9 1.7 3.4 3.7 6.0 0.5
6 Merchandise Exports -BoP basis (in US$ bn.) 121.7 122.1 137.2 100.0 122.1 120.3 142.2 100.0
7 Merchandise Imports -BoP basis (in US$ bn.) 181.3 180.3 198.7 169.3 181.8 187.7 204.6 106.2
8 Rupee per US $ Exchange rate (end-period) 79.0 79.2 82.3 73.2 78.6 79.0 82.0 73.4
9 Crude Oil (Indian basket) price (US $ per barrel) (end-period) 97.6 97.5 117.0 78.0 92.7 92.5 113.0 70.0
10 Policy Repo Rate (end-period) 5.80 5.90 6.25 4.75 5.85 6.00 6.50 4.50

Annex 4: Forecasts of CPI Combined Inflation
(per cent)
  CPI Combined (General) CPI Combined excluding Food and Beverages, Pan, Tobacco and Intoxicants and Fuel and Light
Mean Median Max Min Mean Median Max Min
Q2:2022-23 7.1 7.1 8.0 6.0 6.0 6.1 6.5 5.5
Q3:2022-23 6.4 6.5 7.3 5.7 5.9 5.9 6.4 5.3
Q4:2022-23 6.0 6.0 6.8 4.8 5.6 5.6 6.7 4.8
Q1:2023-24 4.9 5.0 5.9 3.9 5.1 5.0 6.2 4.3

Annex 5: Forecasts of WPI Inflation
(per cent)
  WPI All Commodities WPI Non-food Manufactured Products
Mean Median Max Min Mean Median Max Min
Q2:2022-23 13.6 13.5 17.3 10.5 8.6 8.4 17.2 6.0
Q3:2022-23 10.1 10.0 15.5 7.0 6.7 6.6 14.2 3.2
Q4:2022-23 7.9 7.4 15.5 3.8 5.2 5.4 12.2 1.3
Q1:2023-24 5.0 5.8 12.3 -1.0 3.3 3.6 8.5 -0.6

Annex 6: Mean probabilities attached to possible outcomes of Real GDP growth
Growth Range Forecasts for 2022-23 Forecasts for 2023-24
12.0 per cent or more 0.00 0.00
11.5 to 11.9 per cent 0.00 0.00
11.0 to 11.4 per cent 0.00 0.00
10.5 to 10.9 per cent 0.00 0.00
10.0 to 10.4 per cent 0.00 0.00
9.5 to 9.9 per cent 0.00 0.00
9.0 to 9.4 per cent 0.00 0.00
8.5 to 8.9 per cent 0.01 0.00
8.0 to 8.4 per cent 0.04 0.03
7.5 to 7.9 per cent 0.14 0.08
7.0 to 7.4 per cent 0.43 0.15
6.5 to 6.9 per cent 0.29 0.29
6.0 to 6.4 per cent 0.07 0.23
5.5 to 5.9 per cent 0.01 0.16
5.0 to 5.4 per cent 0.00 0.06
4.5 to 4.9 per cent 0.00 0.01
4.0 to 4.4 per cent 0.00 0.00
3.5 to 3.9 per cent 0.00 0.00
3.0 to 3.4 per cent 0.00 0.00
2.5 to 2.9 per cent 0.00 0.00
2.0 to 2.4 per cent 0.00 0.00
1.5 to 1.9 per cent 0.00 0.00
1.0 to 1.4 per cent 0.00 0.00
0.5 to 0.9 per cent 0.00 0.00
0.0 to 0.4 per cent 0.00 0.00
below 0.0 per cent 0.00 0.00
Note: The sum of the probabilities may not add up to one due to rounding off.

Annex 7: Mean probabilities attached to possible outcomes of CPI (Combined) inflation
Inflation Range Forecasts for Q2:2022-23 Forecasts for Q3:2022-23 Forecasts for Q4:2022-23 Forecasts for Q1:2023-24
9.0 per cent or above 0.00 0.00 0.00 0.00
8.5 to 9.0 per cent 0.00 0.00 0.00 0.00
8.0 to 8.4 per cent 0.01 0.00 0.00 0.00
7.5 to 7.9 per cent 0.06 0.02 0.01 0.00
7.0 to 7.4 per cent 0.46 0.09 0.03 0.01
6.5 to 6.9 per cent 0.33 0.30 0.15 0.06
6.0 to 6.4 per cent 0.10 0.38 0.32 0.10
5.5 to 5.9 per cent 0.03 0.16 0.31 0.16
5.0 to 5.4 per cent 0.00 0.05 0.15 0.28
4.5 to 4.9 per cent 0.00 0.01 0.03 0.21
4.0 to 4.4 per cent 0.00 0.00 0.00 0.12
3.5 to 3.9 per cent 0.00 0.00 0.00 0.03
3.0 to 3.4 per cent 0.00 0.00 0.00 0.01
2.5 to 2.9 per cent 0.00 0.00 0.00 0.00
2.0 to 2.4 per cent 0.00 0.00 0.00 0.00
1.5 to 1.9 per cent 0.00 0.00 0.00 0.00
1.0 to 1.4 per cent 0.00 0.00 0.00 0.00
0.5 to 0.9 per cent 0.00 0.00 0.00 0.00
0.0 to 0.4 per cent 0.00 0.00 0.00 0.00
-0.5 to -0.1 per cent 0.00 0.00 0.00 0.00
-1.0 to -0.6 per cent 0.00 0.00 0.00 0.00
Below -1.0 per cent 0.00 0.00 0.00 0.00
Note: The sum of the probabilities may not add up to one due to rounding off.

Note: CPI: Consumer Price Index; GDP: Gross Domestic Products; GFCF: Gross Fixed Capital Formation; GVA: Gross Value Added; IIP: Index of Industrial Production; PFCE: Private Final Consumption Expenditure; WPI: Wholesale Price Index.

1 The survey results reflect the respondents’ views, which are not necessarily shared by the Reserve Bank. Results of the previous survey round were released on the Bank’s website on June 8, 2022.

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