Indian Press Connect

There are still miles to go until we emerge from the woods: RBI Inflation Bulletin

<p>Retail inflation has decreased as a result of supply-side and monetary policy measures, according to a Reserve Bank of India bulletin published on Thursday. However, “we are not out of the woods yet and have miles to go.”<img decoding=”async” class=”alignnone wp-image-280665″ src=”” alt=” there are still miles to go until we emerge from the woods rbi inflation bulletin” width=”1242″ height=”764″ title=”There are still miles to go until we emerge from the woods: RBI Inflation Bulletin 9″ srcset=” 286w,–150×92.jpg 150w” sizes=”(max-width: 1242px) 100vw, 1242px” /></p>
<p>The global economy looks to be slowing down this quarter as manufacturing stagnates and the services sector’s post-pandemic recovery appears to be coming to an end, according to an essay on the condition of the economy in the November Bulletin.</p>
<p>It said that the global picture is significantly risked going ahead by tighter financial conditions.</p>
<p>The study, written by a group led by RBI Deputy Governor Michael Debabrata Patra, said that “in India, the momentum of the change in GDP is sequentially expected to be higher in Q3, 2023-24, with festival demand remaining ebullient.”</p>
<p>The government’s infrastructure expenditures, a rise in private capital expenditure, automation, digitalization, and indigenization, according to the authors, seem to be supporting the robust investment demand.</p>
<p>The article mentioned the headline inflation based on the Consumer Price Index (CPI) and said that supply-side adjustments together with monetary policy actions helped to bring inflation down from the high levels it had reached during the first seven months of 2022–2023.</p>
<p>In actuality, headline inflation fell back within the RBI’s tolerance range of 2–6% percent in November 2022—the first month of the whole year.</p>
<p>“While readings of approximately 5% and 4.9% in September and October, respectively, are a welcome respite from the average of 6.7% in 2022–2023 and 7.1% in July–August 2023, we are still far from out of the woods and have miles to go,” the statement said.</p>
<p>The RBI asserted that the opinions presented in the paper are those of the writers and do not necessarily reflect those of the central bank.</p>
<p>According to the report, India’s external sector has persevered because of its stable foreign currency reserves, one of the least volatile currencies in the world, and a small current account deficit (CAD) that is supported by steady capital inflows.</p>
<p>According to market exchange rates, the GDP has increased significantly above pre-pandemic levels, making it the fifth biggest economy in the world. This economic pace has continued.</p>
<p>“Relentless policy measures are bearing fruit, as the banking industry demonstrates stability and bolsters the credit requirements of a recovering economy,” the statement said.</p>
<p>After a 25-year break, the 37th edition of the State of the Economy article is the third year of its resuscitation.</p>
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