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.
The global economy remained resilient in the first half of 2024, with declining inflation supporting household spending, it said in its October Bulletin.
The forex had hit an all-time high of $704.885 billion at the end of September.
The recent drop of the Indian rupee below the 84- per-dollar mark highlights a growing set of economic challenges for India, largely driven by external factors such as rising oil prices and the withdrawal of foreign investments from the equity market.
The Reserve Bank of India’s (RBI) recent decision to maintain the key interest rate at 6.50 per cent while shifting its policy stance to “neutral” represents a strategic recalibration in its approach to balancing inflation control and economic growth.
Reserve Bank of India (RBI) Governor Shaktikanta Das Monday said the central banks must remain vigilant, adaptable, continuously assess risks and build resilience.
