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Reviving consumption, investment a tough challenge: RBI report
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SME Times News Bureau | 28 Dec, 2019
Reviving the twin engines of consumption and investment while being
vigilant about spillovers from global financial markets remains a
critical challenge, a Reserve Bank of India (RBI) report said on Friday.
The
global economy confronted a number of uncertainties - a delay in the
Brexit deal, trade tensions, whiff of an impending recession, oil market
disruptions and geopolitical risks - leading to significant
deceleration in growth, said the RBI's Financial Stability Report
December 2019.
These uncertainties weighed on consumer confidence
and business sentiment, dampened investment intentions and are likely
to remain a key drag on global growth, it said.
Predictably,
lower interest rates and easy monetary policies are boosting leverage
globally, with the indebtedness of emerging market (EMs) governments and
households showing a distinct increase, besides supporting asset prices
and capital flows to EMs.
"On the domestic front, aggregate
demand slackened in Q2 2019-20, further extending the growth
deceleration. While the outlook for capital inflows remains positive,
India's exports could face headwinds in the event of sustained global
slowdown, but current account deficit is likely to be under control
reflecting muted energy price outlook," the RBI said.
"Reviving
the twin engines of consumption and investment while being vigilant
about spillovers from global financial markets remains a critical
challenge going forward," it said.
Various policy announcements
by the government coupled with the central bank's accommodative stance
are expected to provide an enabling environment to bolster economic
performance in the medium-term, though short term pressures remain.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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