New Delhi: The Reserve Bank of India stated on October 17 that the fight against inflation will be tenacious and extended even if wholesale inflation in India dropped to an 18-month low in September, from 12.41% the previous month to 10.7%.
Releasing its October bulletin of 280 pages, the central banking regulator said, “The fight against inflation will be dogged and prolonged, given the long and variable lags with which monetary policy operates, and fraught with uncertainties.”
According to the RBI, if the initiative is successful, India will likely become one of the countries in the world with the quickest rate of growth and a negative inflation differential with the rest of the globe.
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At a recent IMF-World Bank annual meeting press conference, Kristalina Georgieva, managing director of the IMF, made the following statement: “India deserves to be termed a bright point on this otherwise bleak horizon.”
This study was co-authored by Michael Patra, Deputy Governor of the RBI. The views represented in the paper are those of the writers, not the RBI, as has been made explicit by the RBI, which does not agree with them.
Earlier on October 16, the IMF’s World Economic Outlook database indicated that India would overtake China as the world’s third-largest economy in the following five years.
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The IMF also forecast that India might pass the United Kingdom this year and take over as the fifth-largest economy, adding that the South Asian nation is likely to achieve the position two years sooner than previously anticipated, passing both Germany and Japan.
Given India’s potential to surpass Germany and Japan, the IMF report stated that while the country’s current account deficit is now significant, it is not projected to soar any time soon.
In the meantime, the IMF downgraded its prognosis for India’s GDP, which had previously been pegged at 7.4% in July and 8.2% in January, to 6.8% in 2022. In the period from April 2021 to March 2022, India’s economy grew by 8.7%.
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