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The finance ministry in its latest report 'Monthly Economic Review for October 2022'  has said that India is well placed to grow at a ‘moderately brisk rate’ in the coming years on the back of macroeconomic stability, despite global monetary tightening. It further said inflationary pressures will ease in the coming months with the arrival of kharif crops and at the same time job opportunities will increase with improvement in business prospects.

The report also cautioned that the US monetary tightening is a ‘future risk’ which could lead to dip in stock prices, weaker currencies and higher bond yields, resulting in higher borrowing costs for many governments around the world. It said a rapid deterioration in global growth prospects, high inflation, and worsening financial conditions have increased fears of an impending global recession. The spillovers of the global slowdown may dampen India's exports businesses outlook. However, resilient domestic demand, a re-invigorated investment cycle along with strengthened financial system and structural reforms will provide impetus to economic growth going forward.

The ministry said, so far in current year, India's food security concerns have been addressed and will continue to receive the utmost priority from the government. It added that easing international commodity prices and new kharif arrival are also set to dampen inflationary pressures in the coming months. India's wholesale and retail price inflation fell in October after remaining high for most part of the year mainly due to supply chain disruptions following outbreak of the Russia-Ukraine war in February. Retail or CPI inflation fell to 3-month low of 6.7 per cent, while wholesale or WPI inflation was at 19-month low of 8.39 per cent.