Monthly economic review | India’s growth to be sustained by consumer spending rebound
2 years, 3 months ago

Monthly economic review | India’s growth to be sustained by consumer spending rebound

The Hindu  

A sharp rebound in consumer spending and rising employment will sustain economic growth in India in the months ahead, the government said in its monthly economic review for August published on Saturday. The report also said high levels of foreign exchange reserves, sustained foreign direct investment and strong export earnings have provided a reasonable buffer against monetary policy normalisation in advanced economies and the widening of the current account deficit arising from geopolitical conflict. The Reserve Bank of India on Friday forecast the country’s current account deficit would remain within 3% of gross domestic product in the current fiscal year to March 2023 and said it was “eminently financeable”. But it also said that in winter months, geopolitical tensions could climb amid a heightened international focus on energy security and that could test “India’s astute handling of its energy needs so far.” “In these uncertain times, it may not be possible to remain satisfied and sit back for long periods.

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