INDIA TO BUCK GLOBAL SLOWDOWN, MAINTAIN EXPANSION

  • Even as the global economy is set to slow down or even enter a recession in 2023 as financial markets worldwide face heightened uncertainty, the Indian economy is steadily gathering momentum, Reserve Bank of India (RBI).
  • India had emerged from the pandemic years stronger than initially thought, they asserted.
  • “Unlike the global economy, India would not slow down — it would maintain the pace of expansion achieved in 2022-23,” the officials wrote, adding: “We remain optimistic… whatever the odds”.
  • The officials observed that the NSO’s end-February data indicated that the economy was intrinsically better positioned than many parts of the world to head into a challenging year ahead, mainly because of its demonstrated resilience and its reliance on domestic drivers.
  • “Consumer price inflation remains high and core inflation continues to defy the distinct softening of input costs,” they observed.
  • Noting that the bank collapses in the U.S. in the first half of March were rippling through global financial markets, with the likely impact of the meltdown on economic activity appearing to be limited at present, they said markets were, however, bracing for tighter financial conditions.

SOURCE: THE HINDU, THE ECONOMIC TIMES, PIB

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