In June, the repo rate, or the benchmark lending rate, was raised for the first time in over four years, by 25 basis points to 6.25 per cent.
India's growth accelerated to 7.7 per cent in the fourth quarter of Financial Year (FY) 2017-18.
D&B expects CPI inflation to be in the range of 4.6-4.7 per cent and WPI inflation around 3.6-3.8 per cent this month.
The Bank forecasted India to grow at 7.6 per cent in 2019-20.
On the question of funding for the "Modicare", the minister said it was mainly an operational detail and that it would be funded by the government.