MPC Members Highlight Resilience Amid Global Risks

MPC member Nagesh Kumar pointed out that despite a volatile external environment – including geopolitical tensions in West Asia, fluctuating crude oil prices, trade policy uncertainties and the agricultural challenges posed by El Niño – the Indian economy has demonstrated notable robustness. He cited strong industrial output, resilient services activity and continued investment as evidence of this strength.

Another member, Indraneil Bhattacharya, added that high‑frequency economic indicators and early corporate earnings suggest that the first quarter saw solid momentum in both manufacturing and services. Capital formation, rising credit growth and sustained government spending on infrastructure have further bolstered the growth narrative, while robust exports have helped offset higher import bills.