India's economy remained largely resilient despite global uncertainties, due to a robust agricultural season, strong momentum in the services sector and modest industrial growth, the Reserve Bank of India said in its monthly bulletin.
As trade uncertainties rise, “building more resilient trade partnerships presents a strategic opportunity for India to deepen its integration with global value,” the RBI said in its State of the Economy report released Wednesday.
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The monthly report by the central bank also said boosting infrastructure investment and advancing structural reforms to enhance competitiveness and productivity would strengthen resilience and sustain growth momentum.
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A separate article co-authored by Indranil Bhattacharyya, the RBI's executive director for economic policy and research, said rising oil prices continue to fuel India's inflation despite deregulation. A 10% jump in global crude could add about 20 basis points to headline inflation, the authors said.
“Thus, while active government intervention has contained spillover to domestic prices, policymakers need to be vigilant and cautious of the direct and indirect impact of the evolving global crude price dynamics through continuous assessment,” they said.
They also suggested exploring green energy, regional trade pacts, and bilateral deals with oil exporters for favorable import prices. The views do not represent those of the Reserve Bank of India.
Other highlights of the report:
High-frequency economic indicators showed mixed signals in June
System liquidity remained in surplus, which helped faster transmission of rate cuts
The external sector remained resilient and was backed by ample foreign-exchange reserves
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