Receding economic risks

18 JUL,2022 | MEDC


India's macro risks have receded in the past six months due primarily to the proactive steps taken by the government and RBI. The decline in oil prices due to global recession fears have also contributed to it, according to the Finance Ministry. However, we need to be on guard against global recession, as India is now more tightly integrated with the world economy. As long as retail inflation in India continues to be above RBI's comfort level, macro stabilization policies will need to remain in force. Due to the global situation, the outlook remains complex and uncertain. The silver lining is that the services sector recovery is continuing, fuelled largely by the revival of the (local and global) hospitality, travel and tourism sector. There is also an apparent keenness to invest on the part of the private sector. This needs to be gainfully tapped by the government by enhancing the ease of doing business in the economy.

 

*Picture Credit: Google

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