One of the articles of the Reserve Bank of India (RBI) on the state of the economy stated that the Indian economy is currently on a path of durable recovery backed by conducive credit and monetary conditions.
The article affirms that the Indian economy is clearly differentiating itself from the global situation that is currently troubled by supply disruptions, increase in infections across the world and also stubborn inflation.
“Overall monetary and credit conditions stay conducive for a durable economic recovery to take root,” the report read, as per the Times of India.
With respect to the capital markets, the article confirmed that the Indian equity market has outperformed the other major equity indices in 2021 so far.
The article further noted that there has been a formidable growth in the own tax revenues and own non-tax revenue receipts of the states between April 2021-August 2021 as compared to the same period in 2020.
Moreover, the higher collection of the central government tax revenue in 2021-22 will subsequently result into greater tax devolution to the states in the second half of the ongoing fiscal.
That will be aiding the states to meet their fiscal deficit targets, as per the report of the central bank. The RBI has also added that views expressed in the article are that of the authors and not of the institution as a whole.
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