RBI Governor Shaktikanta Das said the Russia-Ukraine war "has led to globalisation of inflation" and announced RBI's decision to raise FY23 inflation projection from 5.7% to 6.7%. "Inflationary pressures have become broad-based and remain largely driven by adverse supply shocks," Das said. RBI's Monetary Policy Committee said inflation is likely to remain above 6% in FY23's first three quarters.