CENTRAL BANKS NEED to be cognizant of growth and growth-related priorities even while equally looking at curbing inflation, finance minister Nirmala Sitharaman said on Friday, while highlighting the unnecessary priority given to interest rates as a policy tool to curb inflation.
"Obsession with using interest rate as the only tool to deal with inflation, and not manage the supply side factors will not give a complete solu- a complete solution," Sitharaman said at the B20 Summit 2023 organised by the CII in New Delhi.
India's headline consumer price index inflation spiked to 7.4% in July, with specific food commodities mainly driving the increase, sparking fears of rate hikes of prices not contained soon.
Ahead of the official release of the gross domestic product (GDP) on August 31, the FM said the growth in the first quarter of the current fiscal would be good. "The first quarter (Q1FY24) did go well, so the (GDP) numbers should be good," Sitharaman said.
The RBI has estimated Q1FY24 real GDP growth at 7.8% and full FY24 growth at 6.5%. SBI economists have forecast that Q1FY24 GDP growth would be at 8.3%.
S&P GLOBAL HAS said that India will be the fastest-growing economy in the G20.
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