In its monetary policy statement, the RBI projected the real GDP growth for the current fiscal at 6.5%, while the retail inflation was projected at 5.4%.
Although core inflation in India remains elevated, steady easing over the last few months indicates that monetary policy transmission is happening, Shaktikanta Das said.
Interest rate hikes by the US Fed were also at the root of Silicon Valley Bank collapse in March. RBI Governor had last week said the Indian banking sector is resilient & healthy.
Shaktikanta Das' comments come as the collapse of 3 mid-sized US banks in March led to turbulence in the US & European banking sectors, igniting fears of a spillover in India.
The country's reserves were $545.65 billion at the end of the previous week. Reserves have now fallen for eight straight weeks and are near their lowest levels since August 2020.
Shaktikanta Das says strengthening of inflation impulses & persistence of adverse global price shocks poses upward risks to inflation trajectory presented in April MPC resolution.
MoSPI proposes to remove closed factories from IIP sample, aiming for truer picture of India’s industrial health in upcoming 2022–23 base series. Plan open to public feedback until 25 November.
Bihar is blessed with a land more fertile for revolutions than any in India. Why has it fallen so far behind then? Constant obsession with politics is at the root of its destruction.
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