India central bank rate-panel member sees continued growth despite hikes

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India’s economy will sustain its growth, shrugging off concerns about the impact of increased interest rates and global shocks, Press Trust of India reported, citing a member of the Reserve Bank of India’s Monetary Policy Committee.

“Inflation expectations have fallen, committee member Ashima Goyal said,” according to PTI. “The attempt will be to further slowly guide them towards the target in a soft landing, even as a robust growth recovery takes hold.”

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The rate panel hiked borrowing costs by 50 basis points earlier this month, returning them to pre-pandemic levels, as resilient growth created space to act against inflationary pressures, minutes of the August monetary policy meeting showed on Friday.

Goyal said large domestic demand and diversification from China would help sustain growth in Asia’s third-largest economy, according to PTI. Coordinated fiscal and monetary policy action to reduce inflation while maintaining adequate demand has worked well, she added.

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