Good News: Relief from skyrocketing inflation, worst phase has come: RBI
Good News: There will be relief from skyrocketing inflation in the coming months. This was stated by Jayant R Verma, member of the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI). He said on Wednesday that the biggest risk to India’s economic growth outlook is the escalation of the geopolitical crisis. Verma said that inflation and the possibility of its rise seems to be subsiding and high inflation will certainly not become the norm in the country. Citing several reasons, he has cautiously expressed positive optimism about the Indian economy.
Target to bring inflation rate to 4 percent
He said that the MPC is determined to bring the inflation rate closer to the target of 4 per cent as soon as possible, said Verma, adding that high inflation will certainly not become the norm or the norm in India. The Reserve Bank in its MPC meeting in August had raised the repo rate by 0.50 per cent to 5.40 per cent to contain inflation. The MPC member said, inflation and the apprehensions about it also seem to be subsiding. India and globally and it will reduce one of the major hurdles for the Indian economy.
Global crisis biggest risk to growth
Regarding the challenges for the domestic economy, he said that in the current situation at the global level, the country’s exports will not be as encouraging as it was earlier. Verma said, the biggest risk from the economic growth point of view is the escalation of the geopolitical crisis and especially if this tension or crisis occurs in the Asian region. He said inflation will remain above target for several quarters but there is reason to believe that the toughest times are over. Provided the world does not face yet another unexpected setback.
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