India’s economic growth slowed to the lowest in a year in the first three months of 2022, hit by weakening consumer demand amid soaring prices that could make the central bank’s task of taming inflation without harming growth more difficult. RBI has raised its inflation forecast to 6.7 per cent for the financial year 2022-23 from an earlier estimate of 5.7 per cent. Consumer Price Index (CPI) based inflation, which the RBI factors in while arriving at its monetary policy, galloped for the seventh straight month to touch an 8-year high of 7.79 per cent in April. The RBI raised the interest rate by 50 basis points to a two-year high of 4.9 per cent as it doubled down to tame inflation that has surged in the last couple of months.

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