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Despite global recessionary headwinds, Indian economy is comfortably placed
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IANS | 31 Dec, 2022
Indias economy grew faster during the first half of 2022-23 than other
economies, driven by strong demand and investment. Inflationary
pressures have been moderating since October, with retail inflation
tempering to an 11-month low in November.
These are the views of the Reserve Bank of India (RBI) in its economic outlook.
However,
as 2022 comes to a close, tackling inflation is going to be one of the
most significant challenges of the Indian economy.
Though as can
be seen from the central bank's observation, inflation seems to have
tapered off to an extent in October 2022, but will continue to fox RBI
in the new year too.
Till September 2022, when it had failed to
bring retail inflation below its upper tolerance limit of 6 per cent,
the central bank had to give an explanation to the government on it.
In
addition to this, controlling rising fiscal deficit and current account
deficit would also be one of the main objectives for the government in
the new year as well as in the 2023-24 fiscal.
Yet, at the same
time, the government has put up a brave front by saying that despite
falling rupee, rising inflation and fluid geopolitical situation arising
mainly out of Russia-Ukraine war, Indian economy has performed better
than many of the global economies.
This can be gauged from what
RBI Governor Shaktikanta Das said in the foreword of the 26th financial
stability report, which was released on December 29.
Das wrote in
the foreword that amid global challenges, the Indian economy presents a
picture of resilience and the regulators are ready to take appropriate
actions to preserve financial stability.
In 2023, India is well
positioned to play a leading role in the world stage as part of its G20
presidency. The biggest challenge for G20 as a group is to re-ignite the
efficacy of multilateralism, he said in the foreword.
Das
further said that the international economic order stands challenged and
financial markets are in turmoil due to monetary tightening in most
parts of the world.
Food and energy supplies and prices are under
strain, debt distress is staring at many emerging market and developing
economies, and every economy is grappling with multiple challenges, he
said.
"Amid such global shocks and challenges, the Indian economy
presents a picture of resilience. Financial stability has been
maintained. Domestic financial markets have remained stable and fully
functional. The banking system is sound and well-capitalised," the RBI
Governor noted.
In spite of formidable global headwinds, he said India's external accounts remain well-cushioned and viable.
The
RBI recognises the destabilising potential of global risks even as it
draw strength from the robust macroeconomic fundamentals of the Indian
economy, Das elaborated.
"The Reserve Bank and the other
financial regulators remain vigilant and in readiness to ensure the
stability and soundness of our financial system through appropriate
interventions, whenever necessary, in the best interest of the Indian
economy," he said.
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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
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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