India’s economy grew faster than expected in the three months through March, on sustained private and government spending before higher energy costs began weighing on the outlook.
A rider on a motorcycle carries a mattress at a market in Lucknow, India, on Wednesday, Oct. 13, 2021. The Reserve Bank of India expects the months-long festival season to bolster urban demand in the second half of the financial year to March 2022, while rural demand will likely be buoyed by a robust monsoon and record food grain production.
India’s government and central bank took coordinated steps on Friday to spur foreign inflows, providing an immediate boost to the beleaguered currency. The challenge for policymakers will now be to sustain those flows in the face of economic threats beyond their control.
The Reserve Bank of India will likely tighten monetary policy in coming months, bringing it in line with regional peers that have turned more hawkish in response to inflationary pressures stemming from the Middle East conflict, economists said.
The Reserve Bank of India headquarters in Mumbai. Photographer: Dhiraj Singh/Bloomberg
India’s government is weighing spending cuts across parts of the budget as higher oil prices inflate subsidy bills and threaten to derail its fiscal consolidation plans, according to officials familiar with the matter.
The Reserve Bank of India has sought to bolster its foreign-exchange buffers amid sustained market volatility. Photographer: Dhiraj Singh/Bloomberg
India’s central bank and government took coordinated steps to shore up the rupee after it plunged to a record low, turning to its playbook from the 2013 taper tantrum to spur foreign inflows.
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