Manmohan Singh’s far reaching reforms that made India a fastest growing economy
India has lost a towering figure in the Indian economic landscape, former Prime Minister of India, Dr Manmohan Singh.
India has lost a towering figure in the Indian economic landscape, former Prime Minister of India, Dr Manmohan Singh.
The global economy remained resilient in the first half of 2024, with declining inflation supporting household spending, it said in its October Bulletin.
Reserve Bank of India (RBI) Governor Shaktikanta Das at the Monetary Policy Committee (MPC) meeting on Friday announced the policy rate unchanged at 6.5 per cent.
“The path-breaking structural reforms, such as the enactment of the Insolvency and Bankruptcy Code (IBC) and the adoption of Flexible Inflation Targeting in the recent years, have helped us to deal with the challenges in the banking system and the task of maintaining price stability more effectively,” he said.
In the throes of economic dynamism, India finds itself at the intersection of contrasting forces, with its annual retail inflation surging to a four-month high in December.
Although depreciation of the currency makes imported goods expensive, and foreign travel and fees for studying abroad become costly, it is an erroneous presumption that absence of a strong currency is necessarily bad.
"We have endeavored to ensure a soft landing. These objectives continue to guide our actions even today, and it will continue to be so in the future,"
Citing the uncertainty in the global macro environment, the Indian rupee is likely to be under pressure, especially if crude prices remain elevated and global growth slows down.
Karnataka Sugarcane Cultivators Association President Kurubur Shanthakumar said that he had addressed a letter to Bengaluru RBI Chief 20 days prior but had not received a response.
Fintechs will continue to try to expand into other financial services, particularly personal loans and loans to small merchants.
