Key Points
The underlying inflationary pressure is not strong despite the weather related spikes in vegetable prices, member of the economic advisory council to the Prime Minister, Sanjeev Sanyal said Tuesday, two days before the Reserve Bank of India's August monetary policy announcement...
The committee members are expected to focus this time more on tomato and green chilli prices, which surged last month, leading to a rise in consumer price index (CPI) for the first time in five months...
He said that there's no point sacrificing macroeconomic stability for a few percentage points of higher growth when the world economy is suffering from stress and the lack of global demand would slow India's export growth...
India's macroeconomic stability can be gauged by the moderating current account deficit, which fell to 0.2% of GDP in the fourth quarter of FY23 from 2% of GDP in the preceding quarter, and robust foreign exchange reserves at $600 billion...
Sanyal said that while investments in infrastructure are bearing fruits and the banking sector reforms along with tax reforms through the introduction of the Goods and Service Tax put the economy on a strong pitch...
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