High frequency indicators look upbeat, RBI officials on state of economy

A host of incoming high frequency indicators are looking upbeat and consumer confidence is returning gradually, an article on the state of economy written by RBI officials has observed.

The article published in the RBI Bulletin also stated the global economy remains hostage to heightened uncertainty, with Omicron sparking fresh containment measures.

The Indian economy bounced back strongly in the second quarter of 2021-22, with GDP surpassing its pre-pandemic levels, and inflation broadly aligning with the target.

“The Indian economy continues to forge ahead, emerging out of shackles of pandemic,” stated the article authored by RBI officials.

It further observed the ongoing revival is driven by a confluence of factors — release of pent-up demand, government’s push for capital expenditure, robust external demand and normal monsoon.

Faster resumption of contact-intensive services and speedy restoration of consumer confidence brightens near-term prospects, it said.

The RBI clarified that the views expressed in the article are those of the authors and do not necessarily represent the views of the Reserve Bank of India.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor