India’s challenge has shifted from inflation management to facilitating growth in 2023


Source: indianexpress.com indianexpress.com

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The new year begins on a slightly more optimistic note for India. Global crude and food prices are roughly 38 per cent and 15 per cent down respectively from their highs in March, following Russia’s invasion of Ukraine. The rupee has stabilised at 82-83 to the dollar after dropping from 74.5 levels at the start of 2022, even as official foreign exchange reserves, which had plunged to $524.5 billion on October 21 from a year-ago peak of $642 billion, have since recovered to $562.8 billion. With the prospects for the upcoming rabi crop looking good — thanks to favourable soil...