Inflation In India: Despite rising inflation, India will be the world’s fastest growing economy in the current financial year. A senior source said on Thursday, the government is continuously working with the RBI to bring inflation under control.
He said that the information being received at the ground level shows that the prices of edible oil and crude oil have softened. Apart from this, monsoon is expected to be good. In view of all this, the inflationary pressure can be reduced in the coming times.
Retail inflation continues to remain above the RBI’s satisfactory level. Retail inflation in June stood at 7.01 per cent. The central bank is entrusted with the responsibility of keeping inflation at four per cent with two per cent fluctuations. The government may release the retail inflation data for July on August 12.
No chance of recession:
There is no apprehension of India going into recession, the source said. We are moving on a steady path of development. The question of slowdown in economic growth does not arise. He said that the Indian economy is expected to continue to grow well despite the situation at the international level due to the Russia-Ukraine war and rising tensions between China and Taiwan.
Expected reduction in CAD:
On the widening trade deficit and its impact on the current account deficit (CAD), he said there was some moderation in fuel prices in the international market. Fertilizer prices have come down. In view of all this, the reduction in CAD is expected. Regarding cryptocurrencies, the source said that there is a need to be cautious about this. The recent WazirX case has brought to light a number of malpractices in cryptocurrency transactions.
Report on casino, online gaming in a day or two:
The Group of Ministers contemplating on imposing GST on online gaming and casinos may submit its report to Finance Minister Nirmala Sitharaman in a day or two. Government sources said that the meeting of the GST Council may be held by the end of this month or in September. The minister’s report will be discussed in the meeting. Earlier it was proposed to levy 28 per cent GST on online gaming, horse riding and casinos.
The post Inflation In India: India fastest growing economy in 2022-23 appeared first on Spotlight 7.
source https://spotlight7.com/business/inflation-in-india-india-fastest-growing-economy-in-2022-23/
Comment Policy : The owner of this blog reserves the right to edit or delete any comments submitted to the blog without notice. This comment policy is subject to change at any time. If you have any questions on the commenting policy, please let us know at [blog contact information]..