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Reserve Bank of India in its monthly bulletin has informed that India’s real GDP growth was at a six-quarter high in the third quarter of 2023-24, powered by strong momentum, robust indirect taxes, and lower subsidies. According to the article ‘State of the Economy’ co-authored by RBI deputy governor Michael Debabrata Patra, healthier corporate and bank balance sheets are likely to further stimulate growth in the coming months. On the global front, the report said that the global economy is losing steam, with growth slowing in some of the most resilient economies and high frequency indicators pointing to further leveling in the period ahead.

The report also pointed out that repeated incidents of food price rise is proving to be an obstacle in the swifter fall in headline inflation towards the target of 4 percent. Another article titled ‘Pandemic-induced Policy Stimulus and Inflation: A Cross-Country Perspective has said that global inflation, which softened initially on economic contraction in 2020 after the onset of the COVID pandemic, started rising in 2021 with the easing of COVID-time restrictions and reached multi-year highs in 2022 following the Russia-Ukraine conflict.

Talking about India, the article, written by Nishant Singh and Binod B. Bhoi from the RBI’s Department of Economic and Policy Research, says that the post-pandemic fiscal support was not associated with higher inflation. It adds that fiscal policy measures in India were targeted at vulnerable segments with primary focus on social protection and healthcare during the early stages of the pandemic, aided by additional public investment and support schemes targeting specific sectors later.

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