India growth slows on inflation, higher oil prices

1/6/2022 5:52:00 AM

India growth slows on inflation, higher oil prices

India growth slows on inflation, higher oil prices

NEW DELHI: India\u0027s growth slowed further in the first three months of 2022, the National Statistics Office (NSO) said on Tuesday (May 31), with inflation and higher oil prices denting a post-pandemic recovery. Asia\u0027s third-largest economy grew 4.1 per cent, year-on-year, in the last quarter, NSO data showe

NEW DELHI: India's growth slowed further in the first three months of 2022, the National Statistics Office (NSO) said on Tuesday (May 31), with inflation and higher oil prices denting a post-pandemic recovery.Copy to clipboard https://str.A woman goes through the process of finger scanning for the Unique Identification (UID) database system, also known as Aadhaar, at a registration centre in New Delhi, India, on Jan 17, 2018.LinkedIn NEW DELHI : After leading Gujarat Titans to the Indian Premier League (IPL) title in their first season, winning the Twenty20 World Cup with India is next on Hardik Pandya's bucket list.

Asia's third-largest economy grew 4.1 per cent, year-on-year, in the last quarter, NSO data showed."For those who have lost a loved one to coronavirus, the change it has brought to their lives is so difficult," Mr Modi said during an online event as he announced government benefits for minor children who have lost both parents to Covid-19.Annual growth for the 12 months to the end of March stood at 8.But critics fear it could spawn a surveillance state.7 per cent.Under the federal government scheme, children who have lost both parents to the coronavirus from March 11, 2020 to February 2022 will be given, among other things, free admission to a nearby school, schoolbooks and a sum of 1 million Indian rupees (S$17,600) once they turn 23 years of age, according to a government statement.Rising global commodity prices have sparked concern among policymakers, with India's central bank announcing its first interest rate hike in nearly four years this month."I am going to give it everything I have.

The country of 1.More On This Topic.The Friday announcement had advised people not to share photocopies of their Aadhaar with any organisation because it could be misused.4 billion people imports more than 80 per cent of its crude oil, and the cost of meeting domestic fuel demand has soared since Russia invaded Ukraine in February.India is also the world's largest importer of edible oils, prices of which are at record highs since the conflict began."The pandemic may be receding, but growth has not returned," economist Mihir Swarup Sharma of the New Delhi-based Observer Research Foundation told AFP."I might have stayed in almost a 100 hotels who kept a copy of my Aadhar! Now this," said Twitter user @_NairFYI."Instead, imports as a proportion of GDP - driven by higher prices for food, fuel and other commodities - are rising..

" Prime Minister Narendra Modi's government this month announced tax breaks to offset higher food and petrol costs.Higher-than-expected revenues could give New Delhi some"headroom" to cushion consumers from inflation, Sharma said.But did they stop using these documents for the fear that somebody would use them to impersonate? No!" it says.But the US$26 billion cost of the scheme will likely blow out the government's budget deficit beyond its target for 2022-23, which it put at 6.4 per cent of gross domestic product.Consumer inflation hit 6."Obviously this will leave a legacy because we are a new franchise, playing for the first time, and we are champions in the first season.

95 per cent in March, according to the Reserve Bank of India, which slashed its own growth forecast to 7.2 per cent for the year ending March 2022."Alarmingly, persistent and spreading inflationary pressures are becoming more acute with every passing day," Reserve Bank of India governor Shaktikanta Das said this month.Related:.

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India growth slows on inflation, higher oil prices