The impact of food inflation shock on core inflation was the maximum during the late 1990s, which has declined over time, the paper finds. The response of core inflation to a one per cent rise in food inflation has declined from 0.37 percentage points in the second quarter of 1998-99 to 0.14 percentage points in the third quarter of 2023-24. The responsiveness of core inflation to food shock has declined substantially in the post de jure flexible inflation targeting regime in India.
The Indian government should focus on development, as per a research paper by RBI. The paper shows that the general government debt-GDP ratio could decline to 73.4% by 2030-31, 5 percentage points lower than the IMF s projection. Further fiscal tightening is needed for sustainable growth.
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