India to be fastest growing economy this yr: Govt source
PTI, Aug 11, 2022, 7:26 PM IST
Representational Image by iStock
New Delhi: Rising inflation rates notwithstanding, India will be the fastest growing economy in the world this year, a top government source said on Thursday.
While inflation continues to be above the comfort zone, the economy has continued on its recovery path, supported by pent-up demand for services and higher industrial output.
The government, the source said, is taking continuous steps and engaging with the RBI to bring down inflation.
Inflation has stayed above the upper tolerance limit of 6 percent for six straight months.
There is no chance of growth slowing and India will be the fastest growing economy this year and the next, the source added.
On swelling trade deficit, the source said the current account deficit (CAD) should be steady going forward.
The government is continuously monitoring borrowing costs, the source said.
Regarding cryptocurrency, the source said caution is necessary and the recent WazirX episode has exposed many darker sides of crypto transactions.
On GST, the source said a group of ministers from the states is likely to submit to the Finance Minister its report on taxing casinos.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Markets surrender early gains to trade lower
US Fed interest rate decision key event to watch out for this week: Analysts
DGCA sticks to June 1 deadline for revised flight duty norms; says aim is to alleviate pilot fatigue
Govt approves 17% wage hike for 1.10 lakh employees of LIC
Air India lays off over 180 non-flying staff
MUST WATCH
Latest Additions
Tharoor slams CPI, says it is playing BJP’s game in Thiruvananthapuram
Messi out of Argentina friendlies in the US due to muscle injury
Gurugram Police to get production warrant for content creator Elvish Yadav in assault case
H1B initial registration period to close on March 22
Sullia: Naxal movement detected in Koojimale, say police sources