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Inflation has been a major concern in the past year with prices of fuels, food and other basic necessities almost doubling up in the past. The Reserve Bank of India or RBI has decided to raise the interest rates for short term lending for banks and also for statuary deposits that are with central bank. The increase will be by 50 basis points each. This move has also been supported by the Centre and at a press conference confidence in the move has also been expressed. The 50 basis points are going to help control inflation but without affecting the economic growth of the country.
A statement had been issued by the Finance Ministry which stated that the objective of Reserve Bank of India was help in management of demand aggregations through modes of moderation. The motive behind the plan is to achieve the target but taking care that the overall economic growth prospective remains on the positive side. It has also been noted that these were vital steps to combat the rise in inflation over the past few years. This rate of inflation had crossed the 11% mark because of the extravagant increase of crude oil rates.
On the NYMEX the prices of crude oil has gone up from 134.63 U.S dollars per barrel in the 20th of June to 136.80$ per barrel. This is the result of the trading day being preceded by Jeddah meeting of various oil producing and consuming countries as per the statement of the finance department. The Ministry of Finance also added that they welcomed the decision by the RBI and the policy which was adapted by them should also boost the confidence of both domestic and foreign investors and hopefully predict growth of the economy.
The ministry also commented that these steps were expected to have a beneficial affect. The department had also indicated a few days ago that monetary establishments would be taking action on the demand side. This was done to moderate inflation and quashing the growing rate of inflation. A reference was also made to the content food position of the country in terms of the food grains.
Agricultural outputs had also improved alongside the tough and resilient peripheral sectors that had modest deficits of current accounts. Even the foreign exchange reserve is expected to be at a comfortable level. A lot is expected from the RBI move but only with time the impact on inflation can be understood.
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