Central banks around the world are aggressively raising interest rates to control rising inflation amid fears of an economic recession. India has also increased its policy rates. But, on the front of managing inflation, India has done better than developed countries like the US, the UK, and Germany. Compared to September 2021, it is found that compared to these countries, inflation has increased the least in India.
SBI said in the ECORAP report that in this era of global uncertainty, India is looking like a ray of hope. It has outperformed developed countries such as the US, UK, and Germany on food prices, cost of living, and energy. Cost comparisons in different countries have been done by converting to rupees instead of their currency. SBI Chief Economist Soumya Kanti Ghosh said since the start of the Ukraine conflict, prices have risen sharply on various fronts in both advanced and emerging economies. Caught in the vortex of uncertainties, economies are getting destroyed. But, India is doing well on the back of solid management.
The 'good' has disappeared from the global economy
In his report, Ghosh compared the current global economic situation to the famous musical play 'Wicked'. Glinda, a famous character in the play, proudly declares that the letter 'G' in her name is silent.
Similarly, it seems that the word 'good' has temporarily disappeared from the global economy at the moment.
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