https://sputniknews.in/20230810/uniquely-placed-india-central-bank-chief-on-tackling-inflation-3507022.html
'Uniquely Placed': India Central Bank Chief on Tackling Inflation
'Uniquely Placed': India Central Bank Chief on Tackling Inflation
Sputnik India
India's central bank chief Shaktikanta Das on Thursday said that they are closely monitoring inflation and stated that the price of vegetables is expected to surge in July and August.
2023-08-10T17:09+0530
2023-08-10T17:09+0530
2023-08-10T17:09+0530
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India's central bank chief Shaktikanta Das said that authorities are closely monitoring inflation on Thursday, adding that the price of vegetables is expected to surge in July and August. "Headline inflation, after reaching a low of 4.3 percent in May 2023, rose in June and is expected to surge during July and August, led by vegetable prices," Das said.Possible El Nino weather conditions along with global food prices need to be watched closely against the backdrop of a skewed southwest monsoon so far, said Das, adding that soon vegetable prices will drop. Speaking about global inflation and India's situation, he said, "India's economy has made significant progress toward controlling inflation. India is uniquely placed to benefit from the ongoing transformational shift in the global economy."The global economy faces the daunting challenges of inflation, geo-political uncertainty, and extreme weather conditions. However, India is expected to withstand external headwinds on the economic growth front, said the RBI chief.The RBI governor added that domestic demand is keeping up and will likely retain its momentum, despite weak external demand. The central bank's monetary policy committee (MPC) kept the repo rate unchanged since February 2023. Meanwhile, it has projected India's second quarter (Q2) retail inflation at 6.2 percent, Q3 at 5.7 percent, and Q4 at 5.2 percent in the current fiscal year.
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shaktikanta das, closely monitoring inflation, price of vegetables, vegetable prices, el nino weather, global food prices, southwest monsoon, global economy, monetary policy committee, mpc, repo rate
shaktikanta das, closely monitoring inflation, price of vegetables, vegetable prices, el nino weather, global food prices, southwest monsoon, global economy, monetary policy committee, mpc, repo rate
'Uniquely Placed': India Central Bank Chief on Tackling Inflation
Deexa Khanduri
Sputnik correspondent
The Reserve Bank of India (RBI) announced the bi-monthly monetary policy on Thursday, deciding to keep the lending rate unchanged at 6.50 percent for the third time.
India's central bank chief
Shaktikanta Das said that authorities are closely monitoring
inflation on Thursday, adding that the
price of vegetables is expected to surge in July and August.
"Headline inflation, after reaching a low of 4.3 percent in May 2023, rose in June and is expected to surge during July and August, led by vegetable prices," Das said.
Possible
El Nino weather conditions along with global food prices need to be watched closely against the backdrop of a
skewed southwest monsoon so far, said Das, adding that soon vegetable prices will drop.
Speaking about global inflation and India's situation, he said, "India's economy has made significant progress toward controlling inflation. India is uniquely placed to benefit from the ongoing transformational shift in the global economy."
The global economy faces the daunting challenges of inflation, geo-political uncertainty, and extreme weather conditions. However,
India is expected to withstand external headwinds on the economic growth front, said the RBI chief.
The RBI governor added that domestic demand is keeping up and will likely retain its momentum, despite weak external demand.
The central bank's monetary policy committee (MPC) kept the repo rate unchanged since February 2023. Meanwhile, it has projected India's second quarter (Q2) retail inflation at 6.2 percent, Q3 at 5.7 percent, and Q4 at 5.2 percent in the current fiscal year.
