The Reserve Bank of India has sanctioned a surplus transfer to the Central Government of 30,307 crore rupees for the fiscal year 2021-22. The Reserve Bank of India’s Central Board of Directors met for the 596th time in Mumbai, under the chairmanship of Governor Shaktikanta Das, to adopt the Reserve Bank’s Annual Report and Accounts for the year. The board agreed to keep the Contingency Risk Buffer at 5.50 percent after examining the present economic condition, global and domestic issues, and the effect of recent geopolitical developments.
KEY POINTS:
Effect of the Russia-Ukraine War:
The Overview of Economists on Rising Inflation:
In the case of India, we’ve taken a massive hit from both sides. India was anticipating a strong growth year this year. The World Bank and the International Monetary Fund predicted that India would be the fastest growing large country, and that may still be the case, but early estimates were for 9% growth or more; today estimates are for 7%, 7.5 percent, or even 6%. So, we’re in a difficult situation right now, with inflation growing quickly because inflation is rising everywhere else in the world, and we can’t escape it on our own. Meanwhile, the downtrend, or recessionary tendency, is sweeping the globe, and we can’t avoid it. We may be in a better position to deal with the situation than others.
Attendees:
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