The Reserve Bank of India’s Monetary Policy Committee will meet on October 5, 6 and 7, with the Governor’s statement due on October 7.

The meeting is one of the most watched events in India’s economic calendar this month. Markets will look for signals on interest rates and the inflation outlook.

The panel last left rates unchanged as it balanced growth against price pressures. Economists will watch the October statement for any shift in tone.

India’s industrial output grew 8.0 per cent in August, official data showed last week. Strong growth gives the central bank room to stay focused on inflation.

Global uncertainty adds to the challenge. Oil price swings and trade tensions are on the panel’s radar.

The October 7 statement will set the tone for borrowing costs heading into the festive season, when demand for loans typically rises.

Banks and borrowers will parse the statement for hints on future rate moves. A steady stance would keep home and car loan rates where they are.

The panel’s growth and inflation forecasts will also matter. They shape expectations for the rest of the financial year.