The Indian economy should be prepared for myriad challenges
The world is going through a rather complex and painful phase. While most economies were already suffering from slow growth and high inflation induced by the pandemic, the recent Russia-Ukraine war has aggravated the challenges. Global commodity prices are on a boil even as supply bottlenecks for some critical food items and raw materials are a concern. While growth remains a challenge, major central banks have no choice but to start monetary policy tightening to counter high inflation. The Indian economy, which was just about limping back from the pandemic and other domestic concerns, has also gotten embroiled in this.