Earlier, the IMF's World Economic Outlook database said that India may become the third biggest economy after the United States and China in the next five years.
Digital Desk: The Central Banking regulator, while releasing its
October bulletin of 280 pages said, "The fight against inflation will be
dogged and prolonged, given the long and variable lags with which monetary
policy operates and fraught with uncertainties."
The RBI stated that if the move succeeds, then India’s prospects
as one of the fastest growing economies in the world enjoying a negative
inflation differential with the rest of the world will be high.
International Monetary Fund's MD, Kristalina Georgieva remarked
at a media briefing during the recent IMF-World Bank annual meeting and said:
"India deserves to be called a bright spot on this otherwise dark
horizon."
The paper is co-authored by RBI Deputy Governor Michael Patra.
The RBI has made it clear that the views expressed in the article are those of
the authors and do not represent the views of the RBI.
Earlier, the IMF's World Economic Outlook database said that
India may become the third biggest economy after the United States and China in
the next five years.
Also, the IMF predicted that India may supersede the United
Kingdom by this year and become the fifth biggest economy, adding that the
South Asian country is most likely to reach the position two years earlier than
initially expected, overtaking Germany and Japan.
Considering India's prospective to supersede Germany and Japan,
the IMF's report said that though inflation in India is high, it is not a
skyrocketing current account deficit and is expected to moderate.
Meanwhile, the IMF says India's GDP forecast will be 6.8 percent
in 2022, up from a 7.4 percent prediction in July and an 8.2 percent prediction
in January. Between April 2021 and March 2022, India's economy grew by 8.7
percent.
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