Personal spending slows due to inflation: RBI

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MUMBAI: Inflation is slowing personal consumption spending, resulting in declining corporate sales and stalling private investment in capacity building, a Reserve Bank of India (RBI) report said.

The Indian rupee is one of the most stable currencies and its volatility is at its lowest level since 2008, according to a report on the state of the country's economy. Reserve Bank Deputy Governor M. d. This report has been prepared by Patra and other RBI officials. The report contains the personal opinion of the officers and not that of the Reserve Bank.

After depreciating by 7.80 percent against the dollar in the financial year 2023, the rupee is seen stable in the current financial year. Due to the Russia-Ukraine war, the rupee saw a decline in the last financial year. The rupee has seen narrow fluctuations in the current financial year.

In the current calendar year till June 9, the country's forex reserves have increased by $31 billion, which is the second largest increase among countries with high levels of forex reserves.

Recent economic data and corporate results show that personal consumption expenditure is falling due to inflation. Lowering inflation will not only increase consumer spending but also improve corporate performance, which will be a positive factor for private capital spending, the report also noted. Banks' asset quality is also seen to improve. The March quarter of the current year saw the fifth consecutive quarter of decline in provisioning for bad loans.

Outward remittances under the Reserve Bank's liberalized remittance scheme fell modestly to $2.33 billion in April, compared to $2.96 billion in March. Outward remittances have declined due to decline in foreign travel.

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