Claims of rebound in global trade premature

The expected boost in shipments from China after relaxation of the Covid-19 restrictions has not materialised

The ‘state of the economy’ report, released last week by the Reserve Bank of India (RBI) in its monthly bulletin, says that even as global growth is set to slow down or even enter a recession in 2023 as global financial markets wager, India has emerged from the pandemic years stronger than initially thought, with a steady gathering of momentum since the second quarter of the current financial year. 

On the supply side, agriculture is into a seasonal uptick, industry is emerging out of contraction and services have maintained momentum.

The report says consumer price inflation remains high and core inflation continues