Indian Finance Minister Step-up to Low Inflation & Boost Economy

Indian Finance Minister Step-up to Low Inflation & Boost Economy
  • Nirmala Sitharaman says Growth, health, and education are the government’s top three concerns for 2023.
  • Today, Reserve Bank India (RBI) launched a pilot for the retail digital Rupee.

Central bank officials strive to stabilize Asia’s third-largest economy in the midst of challenging global conditions. While India’s Finance Minister Nirmala Sitharaman stated in the Reuters NEXT conference on Wednesday that she expects strong growth and lower inflation in the upcoming year.

In addition, Nirmala Sitharaman specified Growth, health, and education as the government’s top three concerns for 2023. Further, this month, rate-makers issued a letter to the government that outlined a plan for lowering prices. Also, explained why they had failed to keep inflation between 2% and 6%. Moreover, the Indian government is currently preparing the yearly budget for February which will be the last full-year budget before the summer of 2024. 

In October, India’s consumer price dropped below 7% for the first time in three months. The RBI, which has increased its benchmark rate by 190 basis points this year, is expected to continue its tough stance at a monetary policy conference, which is planned to be held the following week.

However, today the Reserve Bank India (RBI) launched the pilot for retail digital Rupee or central bank digital currency (CBDC). State Bank of India, ICICI Bank, Yes Bank, and IDFC First Bank would support the initial trail in Mumbai, New Delhi, Bengaluru, and Bhubaneswar.

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