EconomyIndia will be the world's fastest growing economy in the current financial...

India will be the world’s fastest growing economy in the current financial year: Government sources

A senior central government official said that due to the fall in the prices of edible oil and crude oil, the pressure on inflation is expected to ease in the coming times.

New Delhi: Despite inflation, India will be the world’s fastest growing economy in the current financial year. The news agency PTI has given this information in a report quoting a senior central government official. In the report, the official said that the government is continuously working with the Reserve Bank to bring inflation under control.

The central government official said,”The information is being received at the ground level, it shows that there has been a fall in the prices of edible oil and crude oil. Monsoon is also expected to be good. In view of all this, in the coming time. The pressure on inflation is expected to ease.”

Let us inform that the retail inflation rate of the country has remained above the satisfactory level of RBI for the last several months. Retail inflation in June stood at 7.01 per cent. At the same time, the RBI has set a target of keeping the inflation rate between 2 to 6 percent. Inflation has remained above this fixed range for the last six months.

On the question of inflation affecting the country’s GDP growth, the official said that the question of slowdown in economic growth does not arise and the country will be the fastest growing economy in the current financial year and the next financial year. The official has expressed hope for a better GDP growth rate, despite global tensions caused by the Russia-Ukraine war and rising tensions between.

China and Taiwan

On the increasing trade deficit and its impact on the Current Account Deficit (CAD), he said that there has been some decline in fuel prices in the international market, prices of fertilizers have come down. Looking at all this, the CAD is expected to come down.”

Regarding cryptocurrencies, the source said that there is a need to be cautious about this and the recent WazirX case has revealed many irregularities in crypto transactions. When asked about GST, he said that the Group of Ministers contemplating on imposing GST on casinos can submit its report to the Finance Minister within the next one or two days.

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