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India emerged stronger from pandemic years, says RBI report
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IANS | 21 Mar, 2023
Even as global growth is set to slow down or even enter a recession in
2023, as global financial markets wager, India has emerged from the
pandemic years stronger than initially thought, with a steady gathering
of momentum since the second quarter of the current financial year, as
per a RBI report.
The "State of the Economy" chapter of
Reserve Bank of India's (RBI) monthly bulletin for March 2023, released
on Tuesday, noted that "on the supply side, agriculture is into a
seasonal uptick, industry is emerging out of contraction and services
have maintained momentum. Consumer price inflation remains high and core
inflation continues to defy the distinct softening of input costs".
In
another chapter titled "Financial Stocks and Flow of Funds of the
Indian Economy 2020-21", the central bank noted that the overall
domestic financial resource balance - measured by the net acquisition of
financial assets less net increase in liabilities - continued to
improve, turning marginally positive at 0.3 per cent of GDP in 2020-21.
Further,
the household financial savings spiked significantly during 2020-21
from its long-term trend reflecting an elevated stock of both currency
and deposits and increased savings in insurance products.
The
balance sheet of the RBI expanded in 2020-21 with a rise in financial
assets reflecting unconventional monetary measures to mitigate the
impact of the pandemic and to ensure adequate liquidity for smooth
functioning of the economy. Other financial corporations with excess
inflows from households, and in view of reduced demand for bank credit
in the pandemic year, increased investment in government securities.
The
non-financial corporations deleveraged their balance sheets in 2020-21;
as a result, their net financial wealth improved after years of
successive deterioration.
With a relatively reduced dependence on
external financing, particularly by the Indian corporates, the growth
in both financial assets and liabilities of the rest of the
world decelerated in 2020-21, the chapter said.
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
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84.35
|
82.60 |
UK Pound
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106.35
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102.90 |
Euro
|
92.50
|
89.35 |
| Japanese
Yen |
55.05 |
53.40 |
| As on 12 Oct, 2024 |
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