Indian Express Update

Finance Ministry Says India’s Economy Will Grow in the Future and Is Positive About Food Inflation Outlook

<p>According to a Tuesday statement from the Finance Ministry, food costs should start to decline in the next months. In the monthly economic report, the ministry provided its inflation prognosis. It said that it was still positive about the nation’s inflation rates and that food inflation will likely decline in the next months.</p>
<p><img decoding=”async” class=”alignnone wp-image-427776″ src=”” alt=” finance ministry says indias economy will grow in the future and is positive about” width=”995″ height=”561″ title=”Finance Ministry Says India's Economy Will Grow in the Future and Is Positive About Food Inflation Outlook 12″ srcset=” 720w,×220.jpg 390w,×84.jpg 150w” sizes=”(max-width: 995px) 100vw, 995px” /></p>
<p>According to CNBC TV18, the ministry also projected a favorable outlook for headline inflation rates and noted that the Indian economy seemed to have many opportunities overall. During the Reserve Bank of India’s monetary policy committee meeting this month, the bank provided an updated inflation estimate for the last quarter of the current fiscal year. After projecting 5.2% inflation at the last MPC meeting, the banking regulator revised its forecast for the January–March quarter of the 2023–24 fiscal year to 5%.</p>
<p>The Ministry did, however, warn against the negative risks to commerce, which include things like supply interruptions, a potential increase in new commodity prices due to geopolitical events, and persistent assaults in the Red Sea. It was said that these elements may exacerbate monetary tensions and affect the recovery of global demand.</p>
<p>According to the government, the average price of crude oil for the Indian basket, free on board (FoB), decreased to $82.2 per barrel during the 2023–24 fiscal year from $93.2 per barrel during the 2022–23 fiscal year.</p>
<p>Furthermore, the core inflation rate for the current fiscal year was at its lowest point since the 2020–21 fiscal year until January 2024, indicating that the overall inflation and production growth environment remained favorable.</p>
<p>At the same time, the ministry downplayed how urgently India needed to improve its export competitiveness and attractiveness given the uncertainty surrounding the expansion of global production and trade.</p>
<p>The official body emphasized that although reduced production prices and general inflation had a beneficial influence on output growth, it was still important to recognize the obstacles that still needed to be overcome and identify methods to increase exports in order to fully realize the potential of the Indian economy.</p>

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