Amid mounting inflationary pressures, the Reserve Bank of India (RBI) called for structural changes on Friday.
According to the RBI's annual report, the amount of Rs 2,000 denomination notes in circulation fell to 1.6 percent of total currency in circulation in March 2022, down from 2% the year before. The central bank emphasised that tackling supply-side bottlenecks, adjusting monetary policy to lower inflation, and increasing capital spending would all influence the future course of growth. "Undertaking structural reforms to improve India's medium-term growth potential holds the key to ensuring sustained, balanced, and inclusive growth," it said in the 'Assessment and Prospects' chapter, "especially by helping workers adapt to the pandemic's after-effects by reskilling and enabling them to adopt new technologies for raising productivity."
The international economy has been pummelling by repeated waves of the epidemic, supply chain and logistics disruptions, increased inflation, and bouts of financial market turmoil since late February 2022, and the escalation of geopolitical tensions into conflict has dealt a terrible blow to it.