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RBI deputy governor Michael Patra highlighted that sluggish consumption growth is primarily due to high inflation, which has led to decreased consumer incomes. A recent survey revealed that 24.5% of respondents reported income declines, with a net response of -0.7 percentage points, the lowest since May 2023. Additionally, 42.4% noted worsening job prospects, resulting in a net response of -7.8 percentage points, although this marks an improvement from the negative 33.1 percentage points recorded in January 2020.
Inflation poses a significant threat to the real economy, particularly impacting industry and exports, according to the Reserve Bank of India's November bulletin. The October CPI inflation was unexpectedly high, following a concerning spike in September, highlighting the risks of complacency after sub-target outcomes in July and August. Urban consumption demand and corporate earnings are already feeling the effects, raising alarms about unchecked inflation's potential consequences.
India is seeking applications for the position of deputy governor at the Reserve Bank of India, following the upcoming term completion of Michael Patra in January. Candidates must have a minimum of 25 years of experience in public administration, including roles at the secretary level, or experience in public financial institutions.
The Reserve Bank of India's monetary policy committee (MPC) emphasizes a cautious approach to interest rate adjustments despite inflation aligning with targets. Deputy Governor Michael Patra noted improving supply conditions, while Rajiv Ranjan affirmed the effectiveness of their current strategy in managing inflation without relaxing control efforts.
Michael Patra
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