According to the latest bulletin of RBI, the Indian economy is improving amid a weak global scenario. This strength is driven by public sector capital expenditure as well as domestic private consumption and fixed investment. RBI said the impact of aggressive monetary tightening has spread to the service sector and bank loans, leading to a slowdown in industrial production.
According to the latest bulletin of the Reserve Bank of India (RBI), the Indian economy is strengthening amid weak global prospects. This strength is being driven by public sector capital expenditure along with domestic private consumption and fixed investment.
Decline in pace of industrial production
An article written by RBI on the State of the Economy said that there are concerns about recession in China and Europe. RBI said that the impact of aggressive monetary tightening is spreading on the service sector and bank loans, leading to a decline in the pace of industrial production.
Great importance of G20 for India
India’s G20 presidency and its outcome assume significance in such an environment with ‘Vasudhaiva Kutumbakam’ as a vision of global progress, according to the article written by a team led by RBI Deputy Governor Michael Debabrata Patra. Where global economic activity is slowing down due to macroeconomic conditions in various regions.
Amid weakening global prospects, the Indian economy is expected to be driven by domestic drivers – private consumption; Is gaining strength under the leadership of. Supply responses are improving and headline inflation eased in August from the previous month’s peak.
The personal views of the author of the article are
RBI said that the views written in this article are the personal views of the team led by RBI Deputy Governor Michael Debabrata Patra and not of the RBI.
Indian space mission important for socio-economic development
In the article, RBI said that India’s space efforts are important for the socio-economic development of the country. The space agency is important for many application areas, including weather forecasting, geological and oceanographic studies, disaster management and agriculture.
RBI said in its article that the Indian Space Agency has also played an important role in the defense and security of the country. Currently, India’s share in the global space economy is around 2 per cent, but this share is set to increase rapidly with increasing private participation.
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