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.
Interacting with reporters, Governor Shaktikanta Das said the RBI takes action against regulated entities only after a comprehensive assessment.
Despite a resi- lient economy that has outpaced most forecasts and is projected to grow at a commendable 7 per cent in 2024- 25, the RBI acknowledges the intricacies of the last leg of disinflation.
The meetings will be held ahead of the release of the frequently asked questions (FAQs) by the RBI.
Sensex ended lower by 723.57 points or 1% at 71,428.43 level , while the Nifty 50 closed at 21,717.95 level, down 212.55 points or 0.97%.
The Reserve Bank of India (RBI) projected the retail inflation falling to below 5 per cent on considerable certainty on the food price outlook and some softening in the growth of input costs.
