Despite the depreciation of the rupee, India continues to be a magnet — safer than peers like Turkey, South Africa or Brazil, and offers greater returns than the US or Europe.
The Union Budget must cut revenue expenditure so growth-boosting tax cuts are possible, while monetary policy should focus on growth-inflation dynamics instead of defending the falling rupee.
The US Federal Reserve in its latest monetary policy meeting Wednesday left key interest rate unchanged at 5.25-5.50 per cent 'in order to keep the demand in line with supply and reduce inflationary pressure'.
Monetary Policy Committee Friday kept the repo rate unchanged at 6.50% for an eighth straight policy meeting, in a continued attempt towards bringing down inflation to 4% target.
In my view as the finance secretary during UPA II govt, the least RBI could have done was not to further depress the sentiment with doomsday prophecies.
Most global central banks acknowledge easing in inflation but note it remains above target. Recent geopolitical disruptions also pose upside risk to inflation, a view held by RBI as well.
Employment & education are some of the constraints. Plus, greater dependence on domestic sources of growth will deny India momentum that comes from accessing international markets.
While persistent inflation led to failure to achieve inflation target in 2022 for the first time since 2016 and exports slowed down, the banking sector continued to be resilient.
In service with the British military since 2019, it is also known as the Martlet missile. Ukrainians have also deployed these missiles against Russian troops.
Pakistan’s army has been a rentier force available to a reasonable bidder. It has never come to the aid of any Muslims including Palestinians or the Gazans, except making noises here and there.
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