Highlights
- Economic activity in India remains resilient, says RBI bulletin
- With the rise in domestic demand, the economy is ready to expand
- Inflation set to slide below September highs despite hardships
festive season The skyrocketing inflation has increased the financial burden on the people. From food to drink, the prices of all essential items have increased. Now a big relief news has come regarding inflation. In fact, the Reserve Bank of India (RBI) has expressed hope that the rate of inflation will come down from its record high of September. That is, now inflation will gradually decrease. However, its pace will be slow. This has been said in the monthly bulletin of the central bank in October. In an article published in the Bulletin on the state of the economy, the central bank said that inflation will affect the prospects of India, one of the world’s fastest growing economies.
No effect of recession on Indian economy
Contrary to the current global economic scenario, the RBI bulletin said economic activity in India remains largely resilient. The economy is set to expand with the rise in domestic demand. There is boom in various sectors of the economy. Commenting on the global outlook of the economy, the bulletin said that aggressive and simultaneous monetary tightening has further weakened the global economic prospects as investors panicked due to crippling financial markets. He has stopped taking risks. Strong credit growth and strong corporate and bank balance sheets provide further strength to the economy, the bulletin said. Despite the hardships, inflation is set to slide below the September highs, albeit at a slower pace. These factors will further strengthen the economic prospects of India, one of the fastest growing economies of the world.
Above target for three quarters
RBI’s October bulletin said that monetary policy will remain focused on keeping inflation in sync with inflation target for three consecutive quarters with inflation remaining above the comfortable range. RBI will have to report to the government on the steps taken in this regard. This bulletin of RBI has also been suggested to create a dedicated cell under the Ministry of Environment for Green GDP. This cell will deal with environmental degradation, depletion of natural resources and Make calculations related to saving resources and adjust them in Gross Domestic Product (GDP).
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