India Excels in Growth Inflation, External & Balance Triangle – FinMin report Said!!! India’s economy will grow at a robust rate of 7.4 percent in 2022-23 amid global interventions, report said. India is doing better in the growth-inflation-external balance triangle for 2022-23 year than it was two months ago in the current forecast.
This information was reported in the Finance Ministry’s Monthly Economic Review. According to the price situation, the downward movement in global commodity prices coupled with the RBI’s monetary measures and the government’s fiscal policies are expected to curb inflationary pressures in the coming months. As of July 2022, inflationary pressures in India are easing as global prices of commodities such as iron ore, copper and tin, which gains India’s domestic manufacturing process.
In particular headline retail inflation declined to 6.7 percent in July 2022 from 7.01 percent in the previous month. And the Reserve Bank of India (RBI) has predicted that the growth rate will be 7.2 percent in the current financial year. India’s Index of Industrial Production (IIP) and eight key industries point towards strengthening industrial activity. At the same time, the PMI manufacturing report showed gains in new business and growth in output.
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