India better placed on growth-inflation-external balance triangle: FinMin
India is better placed on the growth-inflation-external balance triangle for 2022-23 than it was two months ago, on the back of government policy response and the Reserve Bank's monetary policy actions, the finance ministry's monthly economic review said on Friday.
On the price situation, the review said in absence of any further shocks, the downward movement of global commodity prices along with the RBI's monetary measures and the government's fiscal policies are expected to cap inflationary pressures in the coming months.
Softening of inflationary pressures in India is further on the anvil as the prices of important raw materials such as iron ore, copper and tin that feed into the domestic manufacturing process, globally trended downwards in July 2022, it noted.
Headline retail inflation eased to 6.7 per cent in July 2022 from 7.01 per cent in the previous month.
Despite global headwinds, the IMF forecasts India's economy to grow at a robust rate of 7.4 per cent in 2022-23, the .