The Consumer Price Index (CPI) inflation for October is recorded at 6.21 per cent on year-on-year basis. Corresponding inflation rates for rural and urban are 6.68 per cent and 5.62 per cent, respectively, Ministry of Statistics and Programme Implementation (MoSPI) said on Tuesday.
India’s inflationary pressures are back in the spotlight, as food prices surge amid unpredictable weather patterns and shifting global dynamics.
Speaking at a media event, the Governor assured that the RBI is prepared to act with strength and agility, likening the Indian economy to a tiger for its resilience amid fluctuating global conditions.
The total value of these banknotes in circulation was Rs 3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal of Rs 2000 banknotes was announced, which means less than 2 per cent of them are still in circulation.
However, gold reserves, which form part of the foreign exchange kitty, increased by $1.08 billion to $68.53 billion during the week, according to the central bank.
On August 2, the forex kitty had soared to a lifetime high of $674.9 billion after which it declined by $4.8 billion to $670.1 billion for the week ended August 9.
Prime Minister Narendra Modi on Wednesday congratulated RBI Governor Shaktikanta Das on being rated “A+” for the second time in a row in the ‘Global Finance Central Banker Report Cards 2024’.
India’s private corporate investment is estimated to surge by 54 per cent to ₹2,45,212 crore in 2024-25 from ₹1,59,221 crore in 2023-24 based on “the phasing profile of the pipeline projects’ finances,” according to an RBI study.
Barring China, nine of the top 10 destinations accounting for about half of the total value of exports are recording growing demand, it said.
In India, aggregate demand conditions are gathering momentum with a revival in rural consumption on the back of growing incomes and this stimulus to demand is expected to reinvigorate the hitherto subdued participation of the private sector in total investment
