India’s economy grew a brisk 8.8 per cent year-on-year in the June quarter – its fastest pace since early 2008 – highlighting the strength of the economy in spite of the impact of high inflation on consumer spending.
The performance will encourage the Reserve Bank of India to persist with its aggressive monetary tightening to control inflation, which has dropped slightly to 9.97 per cent in July from a double-digit peak, but remains uncomfortably high.
“The first order of business for the government should be to contain the price pressure by raising interest rates,” said Frederic Neumann, managing director of HSBC, the investment bank. “Stabilising prices is almost a precondition to reviving household spending.”
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