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Policy efforts necessary to deal with inflation in the country, RBI told external factors responsible

Factors Behind Inflation in India: At this time inflation dominates everything in the country. The Reserve Bank of India has blamed external factors behind inflation. Shashank Bhide, a member of RBI’s Monetary Policy Committee, has given his views in this regard. Shashank says that the rate of inflation has remained high for the last 3 quarters, due to which there is external pressure on the prices.

Prepare a roadmap to deal with inflation
Member Shashank Bhide says that policy efforts will be needed to deal with inflation. The pressure is immense and preparing a roadmap to deal with inflation in India is a difficult test.

Let us tell you that in the second quarter of 2022-23, inflation remained at a high level. Earlier in the two quarters also it was at high levels.

food items became expensive
Member Shashank Bhide says that the rate of inflation has been kept high on high prices of fuel and food items. Retail inflation based on the Consumer Price Index (CPI) has remained above 6 per cent since January 2022. Let us tell you that in the month of September it was 7.41 percent. The Monetary Policy Committee pays special attention to inflation while taking any decision on the monetary policy of RBI.

Increased pressure of external factors
Bhide said that due to this situation, the pressure of external factors has increased on the prices. At the same time, it is necessary to take steps to limit its impact on the rest of the economy. Policy efforts, better monetary policy and other economic policies will be needed to deal with these issues. RBI’s monetary tightening is aimed at easing inflationary pressures.

Bank failed to control inflation
The monetary policy committee of the Reserve Bank of India (RBI) is going to have a special meeting on November 3. RBI is to report to the government that it has failed to keep retail inflation below the target of 6 per cent for three consecutive quarters since January. The 6-member MPC under the chairmanship of RBI Governor Shaktikanta Das will prepare this report, in which several reasons for the failure to meet the inflation target will be given.

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