Reducing inflation top priority for South Asian nations, says India central bank chief

NEW DELHI :Taming inflation is the top priority for South Asian countries as risks to growth and investment outlook could rise if price pressures persist at high levels, Reserve Bank of India Governor Shaktikanta Das said on Friday.

"While the recent softening of commodity prices and supply chain bottlenecks should help in lowering inflation going ahead, risks to growth and investment outlook may rise if inflation persists at high levels," Das said. Das said the region's heavy dependence on imported fossil fuels has made it vulnerable to fuel inflation while food inflation has averaged more than 20 per cent during the first three quarters of 2022.

Apart from inflation, Das said reducing external debt vulnerabilities, moving focus to high productive sectors, strengthening energy security, cooperation on greener economy and increasing tourism were key areas of focus for the region.Earlier, IMF Deputy Managing Director Antoinette Sayeh said India is in a relative"bright spot" in the world economy, but needed to leverage its existing strength in services exports and extend it to job-rich manufacturing exports.

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