india's annual wholesale price-based inflation (WPI) accelerated to 13.11 per cent in February from the previous month's 12.96 per cent, government data showed on Monday.
February's figure was higher than 12.10 per cent forecast in a Reuters poll of analysts, amid higher fuel prices, which were up 31.50 per cent on the year, versus 32.27 per cent in January.
WPI inflation has remained in double digits for the 11th consecutive month beginning April 2021. Inflation last month was 12.96 per cent, while in February last year, it was 4.83 per cent. Inflation in food articles, however, eased to 8.19 per cent in February from 10.33 per cent. Vegetable inflation was 26.93 per cent in February, against 38.45 per cent in the previous month, PTI reported.
"The high rate of inflation in February 2022, is primarily due to rise in prices of mineral oils, basic metals, chemicals and chemical products, crude petroleum & natural gas, food articles and non-food articles etc as compared to the corresponding month of the previous year," the Commerce and Industry Ministry said in a statement.
Inflation in manufactured items was 9.84 per cent in February, against 9.42 per cent in January. In the fuel and power basket, the rate of price rise was 31.50 per cent during the month.
Inflation in crude petroleum spiked to 55.17 per cent during February, against 39.41 per cent in the previous month, on rising prices of crude oil globally.
The Reserve Bank last month kept its key repo rate--at which it lends short-term money to banks--unchanged for the 10th time in a row at 4 per cent, to support growth as well as manage inflationary pressures.
Following Russia's invasion of Ukraine, crude oil prices have skyrocketed - in March alone, they have surged about 35 per cent - which will in turn push up fuel, transport and other related components of inflation this month.
In the long-term, the India GDP is projected to trend around 3000.00 USD Billion in 2022 and 3450.00 USD Billion in 2023, according to our econometric models. The gross domestic product (GDP) measures of national income and output for a given country's economy.
The bi-monthly policy comes against the backdrop of the Budget presented earlier this month estimating a nominal GDP of 11.1 per cent for 2022-23. The Economic Survey pegs economic growth at 8-8.5 per cent for next financial year.
$2,650,725,335,364
Nominal (current) Gross Domestic Product (GDP) of India is $2,650,725,335,364 (USD) as of 2017. Real GDP (constant, inflation adjusted) of India reached $2,660,371,703,953 in 2017. GDP Growth Rate in 2017 was 6.68%, representing a change of 177,938,082,996 US$ over 2016, when Real GDP was $2,482,433,620,957.
At the turn of the century India's GDP was at around US$480 billion. As economic reforms picked up pace, India's GDP grew five-fold to reach US$2.2 trillion in 2015 (as per IMF estimates).
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GDP growth rate.
Year Growth (real) (%)
2015 7.996
2016 8.17
2017 7.168
2018 6.982
How can India increase economic growth?
Boost consumption demand.
Boost investment demand.
Private sector is constrained at present.
Govt needs to play critical role in boosting investment.
States also need to increase investments.The India growth story officially began when the country was liberalised to the world in the early 90s. When we opened up to foreign direct investment or FDI, the global companies stepped in, brought with them global best practices and ushered the country on a new path of growth and development.
The global companies took note of the quality of the Indian education system and the availability of talent across disciplines - technology, management, operations, human resources and finance. The information technology revolution at the dawn of the 21st century created an immediate global demand for skilled individuals. The IT revolution arrived on the Indian shores. Since then, Indian engineers have made a significant contribution to the global growth of Information technology. With skilled and hardworking resources, it is a known fact that Indian talent is appreciated all over the world.
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