Unchecked inflation risks hurting economy despite festive boost, RBI warns in latest report
festive consumption demand and farm sector recovery have helped the Indian economy to overcome a lull seen in the second quarter and put it back on track, the Reserve Bank of India's state of the economy report said.
«Inflation is already biting into urban consumption demand and corporates’ earnings and capex. If allowed to run unchecked, it can undermine the prospects of the real economy, especially industry and exports,» said central bank researchers led by deputy governor Michael D Patra.
They said that RBI remained consistent with the mandate of “price stability while keeping in mind the objective of growth”. The underlying mandate of
maintaining financial stability was also adhered to.
India's headline inflation, measured by consumer price index, rose to a 14-month high of 6.21% in October, up from 5.49% in September. Following this, expectation of an immediate policy rate cut has ebbed even as Finance Minister Nirmala Sitharaman wanted interest rates to be «far more affordable».
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