Indian economy on path to recovery despite global headwinds, says RBI
A labourer pulls a handcart loaded with sacks of lentils at a grain market in Ahmedabad, India, July 12, 2018. REUTERS/Amit Dave
The downside risks to global growth have accentuated the risk of commodity price-driven inflation turning more generalised but despite the global headwinds, India's domestic macroeconomic conditions have continued to strengthen, its central bank said.
"Domestic economic activity has been gaining traction in spite of formidable headwinds from external developments," the Reserve Bank of India said in its monthly bulletin published on Thursday.
Gross domestic product (GDP) for 2021-22 surpassed its pre-pandemic (2019-20) level by 1.5% and activity is gaining strength in 2022-23 so far as gauged from high frequency indicators, it added.
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