Home Business Fiscal, monetary authorities must remain vigilant amid global slowdown: Center

Fiscal, monetary authorities must remain vigilant amid global slowdown: Center

India’s wholesale inflation has come down to 10.7 per cent in September.

New Delhi:

The Finance Ministry on Saturday said Indian fiscal and monetary officials should remain vigilant, as the country is one of the bright spots amid a “gloomy global scenario where the dark clouds of recession gather”.

“The inflation trajectory is dependent on geopolitical developments,” the ministry said in its monthly economic review.

The report said that despite the rapid depreciation of the Indian rupee, the country has substantial foreign exchange reserves.

India’s wholesale inflation has eased from its peak of 16.6 per cent in May to 10.7% in September, on the back of softening commodity prices and government measures, but retail inflation in the upper tolerance band of the Reserve Bank of India due to a rise in food prices. remains above, the report said.

“Even with softening commodity prices, an upside risk is expected with the outlook for crude remaining uncertain and geopolitical conditions limiting significantly from an increase in imported inflation. is,” it said.

However, food inflation is expected to moderate as the harvesting and buying season progresses, leading to a decline in headline retail inflation for the rest of the financial year.

The report said measures taken by the government to reduce the burden of rising inflation on consumers, including increase in fertilizer subsidies, among other welfare measures, could put pressure on finances.

(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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