Image Credit source: TV9 Hindi
Jayant R Verma, member of the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) has said that the Indian economy has weathered all geopolitical shocks strongly in the last few years and is well placed to deal with the uncertainties going forward. Will be capable. They expect good results in 2024, when inflation will come down. The Indian economy has weathered all the shocks (Russia-Ukraine war, Israel-Hamas war, rising oil prices) strongly in the last few years. The geopolitical situation will be very bad in the coming months, but the situation may not be worse than the recent situation.
Work will be done in the interest of India
Professor Verma of IIM-Ahmedabad said that due to the ongoing slowdown in China, there has been a huge decline in the demand for energy and other commodities. Overall, I am confident that India will be able to deal with the uncertainties that lie ahead. India’s economy is expected to grow at the rate of 7.3 percent in the current financial year. The Indian economy was to grow at the rate of 7.2 percent in 2022-23.
According to the World Economic Outlook of the International Monetary Fund (IMF), global growth is expected to decline from 3.5 percent in 2022 to three percent in 2023 and 2.9 percent in 2024. The situation around the Bab-el-Mandeb Strait, a vital route connecting the Red Sea and the Mediterranean Sea to the Indian Ocean, has worsened due to recent attacks by Yemen-based Houthi rebels.
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2024 will be the year of expectations
Asked about his outlook on inflation for 2024, the MPC member said he expects a good outcome where inflation will ease and come down towards the target. The increase in food prices last year was a momentary blip, which was quickly rectified. The most important thing is that due to this increase there was no change in expectations regarding inflation. Something similar is expected to happen in 2024 also.