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.
According to the data released by the RBI, for FY24, the current account deficit narrowed to USD 23.2 billion or 0.7 per cent of GDP against USD 67 billion or 2 per cent of GDP in FY23.
The recent statements from the Reserve Bank of India (RBI) highlight a critical challenge that the Indian economy faces: high food prices obstructing the path to stable inflation.
They also favoured change in the policy stance from withdrawal of accommodation to neutral.
There is an increasing evidence of a trend upshift taking shape, which is shifting India's growth trajectory from the 2003-19 average of 7 per cent to the 2021-24 average of 8 per cent or even more
Reserve Bank of India (RBI) Governor Shaktikanta Das said on Thursday that India's domestic financial system is now in a much stronger position than it was before the country entered the period of the COVID crisis.
