Team Blitz India
MUMBAI: India’s growth in the April-June quarter is expected to be driven by private consumption, supported by reviving rural demand, and renewed buoyancy in manufacturing, says a Reserve Bank article.
The global economy is transfixed in the cross-currents of slowing growth and high inflation, and an uneasy calm prevails in the global financial markets as they await clearer signals from policy authorities on banking regulation and supervision, and contours of deposit insurance, it said.
In April and the first half of May 2023, domestic economic conditions have sustained the quickening of momentum seen in the last quarter of 2022-23, said the article on ‘State of the Economy’, carried by the national media on May 23.
Headline inflation eased below 5 per cent in April 2023, for the first time since November 2021. It further said corporate earnings are beating consensus expectations, with banking and financial sectors posting strong revenue performance, aided by robust credit growth.
The article has been authored by a team led by RBI Deputy Governor Michael Debabrata Patra. The central bank, however, said the views expressed in the article are those of the authors and do not represent the views of the Reserve Bank of India.
