India will become the world’s fastest growing economy in the current financial year, work continues to bring inflation under control: Report

Despite inflation, India will be the world’s fastest growing economy in the current financial year. A senior government source said this on Wednesday

India will be the fastest growing economy in the world in the current financial year.

Despite inflation, India is the world’s fastest growing country in the current financial year. Economy Will happen. A senior government source said this on Wednesday. The source said that the government is continuously working with the Reserve Bank to bring inflation under control. The source said that the information being received at the ground level shows that the prices of edible oil and crude oil have softened. According to him, the monsoon is expected to be good. Inflation pressure is expected to ease in the coming times.

Inflation above RBI level

Let us tell you that retail inflation has consistently remained above the satisfactory level of the Reserve Bank of India (RBI). Inflation rate in the month of June has been 7.01 percent. The Reserve Bank is entrusted with the responsibility of keeping inflation at 4 per cent with 2 per cent fluctuations and it has remained above satisfactory level for six consecutive months. The source 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.

Despite the global situation arising out of the Russo-Ukraine war and rising tensions between China and Taiwan, the source has expressed hope for a better economic growth rate. Regarding the increasing trade deficit and its impact on the current account deficit (CAD), he said that there has been some moderation in the prices of fuel in the international market, the prices of fertilizers have come down. In view of all this, the reduction in CAD is expected.

What did the source say about cryptocurrencies?

Regarding crypto currency, the source said that there is a need to be careful about this and the recent WazirX case has revealed many irregularities in crypto transactions. Regarding the Goods and Services Tax (GST), he said that the Group of Ministers considering imposing GST on casinos can submit a report to the Finance Minister in a day or two.

Rising prices can bring relief in the coming times and according to a senior government source, the pressure of inflation seems to be subsiding now. According to him, the prices in foreign markets are coming down.

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