High oil prices behind inflation in India, monetary tightening needed: IMF

The surge in oil prices due to the Ukrainian war has pushed up inflation in India, which needs monetary tightening and measures to address structural weaknesses to improve growth potential, said a senior IMF official. According to estimates, the country’s economy is likely to grow at 8.2 per cent in 2022-23, down 0.8 per percentage point, said Anne-Marie Gulde-Wolf, Acting Director of the IMF’s Asia and Pacific Department.

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