India's consumer inflation rose 5.6% in November, but a festival surge and favorable base in October led to a 16-month high of 11.7% in industrial production. The Reserve Bank of India's monetary policy committee is expected to hold rates for the year and start cutting rates from next fiscal. The MPC held the policy rate at 6.5% for the fifth consecutive time in its last meeting but raised India's growth forecast for FY24 to 7% on the back of a strong showing in the second quarter.