Navyamedia
Business News

RBI governor says sharp rise in crude oil prices to have limited impact on inflation

RBI keeps rates steady to balance growth, inflation

Reserve Bank of India (RBI) Governor Shaktikanta Das has said that only a limited impact on inflation is expected in view of spiked crude oil prices amidst the ongoing crisis in Saudi Arabia. Drone attacks on the world’s largest oil refinery in Saudi Arabia have resulted in a massive 20 percent surge in crude prices. Speaking at an economic summit in Mumbai last evening, Mr. Das said, the fiscal numbers given the lower subsidy outgo adding that the full impact will only to visible in the long run.

Mr. Das said, he expects inflation to remain below 4 percent in the next 12 months and there is room for more rate cuts given growth slump. He maintained that domestic economy remains resilient as foreign debt is only 19.7 percent of GDP. The RBI governor said, international environment is clouded with challenging conditions. He said, global growth is slowing down and central banks across the world are bracing up to counter it by easing monetary policy; but there is no recession as yet.

Related posts

GST collections drop below Rs 1 lakh crore to Rs 98,202 crore in August

raghavendra d

6th fbb Store in Hyderabad, launched by fbb Femina Miss India’18, 2nd Runner-up Shreya Rao!

admin

Lagadapati’s company faces insolvency proceedings

admin

Leave a Comment

Real emotions of real people from Bali