Data released over the last two days indicate that the Indian economy, while better off than most other major economies, is still in a tight spot. Retail inflation continued to inch up in September and growth in industrial output in August shrank. Separately, IMF's forecasts estimated that India's economic growth in 2022-23 will be 6.8%, which represents a 1.4 percentage point reduction since the April forecast. All this calls for deft economic management as it's a situation where supply shocks are putting upward pressure on the price level while demand remains fragile.
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