Global energy price hike to concern Indian economy: IMF

15 Mar 2022 CW Team

Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), told the media that India has been excellent at managing its finances. However, the price hike in global energy will harm its economy.

Gita Gopinath, First Deputy Managing Director of the IMF, had observed that the war had posed a challenge to economies across the globe, including India.

India depends heavily on energy imports, and the price is rising, which has implications on the purchasing power of Indian households.

Gopinath said that the inflation in India is around 6%, which is the upper end of the inflation band for the Reserve Bank of India (RBI). It has implications on the monetary policy in India, and it is a challenge in many parts of the world, not just India.

She added that India is an importer, and the price hike in energy will have a negative impact on its economy.

Georgieva said that she advises the members that it is the first and foremost responsibility to ensure the protection of the most vulnerable populations from the increasing prices, and not only energy but also food prices for countries will be a significant factor.

She added that the members would also be looking into monetary policy responses as to how those could be calibrated appropriately to what is happening.

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