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.
RBI Governor Shaktkanta Das on Friday said banks and NFCs must be fair in their conduct and practices with consumers as this fosters confidence and public trust in financial institutions which strengthens their stability.
Given the country’s innate strengths, it is possible to imagine India striking out into the next decade to become the second largest economy in the world not by 2048, but by 2031, and the largest economy of the world by 2060, RBI Deputy Governor Michael Debabrata Patra has said.
In the intricacies of economic policy, the relationship between inflation and interest rates is a pivotal one.
Prime Minister Narendra Modi on Saturday said despite challenges like Corona, record jobs were created in the country in the past four years or so, and the RBI report on creation of eight crore jobs in the last three to four years has shut the voice of people spreading false narratives on job creation.
India’s foreign exchange reserves jumped by $5.16 billion to scale a lifetime high of $657.16 billion during the week ended July 5, according to RBI data released on Friday.
