New Delhi, April 7 -- The Reserve Bank of India (RBI) is expected to revise its inflation projections upward while flagging risks to GDP growth in its upcoming policy review, according to a report by PhillipCapital.

The report said that "the latest available inflation projection is 4.1%, for the first half, i.e. April-September 2026" but added that "it will be revised upward, and the guidance for second half i.e. October-March may be issued."

In the policy review meeting on 6 February 2026, the RBI projected CPI inflation for Q1, i.e. April-June 2026, at 4% and that for Q2, i.e. July-Sep 2026, at 4.2%. That is, CPI inflation for first half, April-Sep 2026, was projected at 4.1%.

Highlighting the importance of the upcoming policy, the r...