Economic indicators positive, but worries remain

India began this year with optimism and ends with some satisfaction and hope tinged with some anxiety.

The successful vaccination of substantial number of our people raised hopes of robust economic revival in the beginning of this year despite the spread of Omicron, a relatively mild variant of Covid-19. The government stepped up public investment to make up for anemic private investment. Exports showed strong growth with global demand compensating for weak domestic consumption. 

The Russian invasion of Ukraine pushed up the prices of food, fuel, fertilizers, and other commodities. 

The developed countries imposed severe financial sanctions against Russia but kept the oil