Poonam Gupta, Deputy Governor, Reserve Bank of India has stated that India has perhaps been among the most challenged emerging market economies over past year and a half. Whereas most other countries were subject to only a subset of these shocks, India has been subjected to each one of these shocks -simultaneously and cumulatively. On trade, it had faced among the highest tariffs rates the US had imposed on any partner country and an acute policy uncertainty. As a large net oil importer, it has been particularly exposed to the oil supply disruptions and price shocks. Agriculture being a significant part of the economy, and sensitive to rainfall, El Niño is somewhat of a risk to the sector this year. Unlike in many other countries, AI has not yet been a boon. However, she noted that the economy has emerged from these shocks largely unscathed and its strength is manifested in India’s growth being the highest among peers, inflation anchored, fiscal outcome on a consolidation path and a ..
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