India increases interest rates to pre-pandemic level‘GREATER FRAGMENTATION’: The central bank’s Shaktikanta Das said that it was disquieting that ‘globalization of inflation is coinciding with deglobalization of trade’AFP, MUMBAI, IndiaThe Reserve Bank of India yesterday hiked interest rates for the third time in four months as Asia’s third-largest economy contends with a widening trade deficit and weakening currency. “Successive shocks to the global economy are taking their toll,” Reserve Bank of India Governor Shaktikanta Das said in a televised address, pointing to surging inflation and lower global growth. Reserve Bank of India Governor Shaktikanta Das speaks at a news conference at the central bank’s headquarters in Mumbai, India, yesterday. Photo: AP“Disquietingly, globalization of inflation is coinciding with deglobalization of trade,” Das said. The central bank retained its growth forecast at 7.2 percent for the 2022-2023 financial year and retained its inflation forecast at 6.7 percent.
