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India 'stands like an oasis' in era of global economic uncertainty: SBI Research report

India still performs significantly better as compared to countries supposed to be the epitome of sound macro management, the report said.

December 02, 2022 / 04:17 PM IST
Food price increase slower in India as against the US, the UK and Germany, the report says (Reuters file image)

Food price increase slower in India as against the US, the UK and Germany, the report says (Reuters file image)

Despite inflation adversely affecting the cost of living in most parts of the world, India continues to "stand like an oasis", says SBI Research's Ecowrap report released on December 2.

The report, authored by Group Chief Economic Advisor of SBI Group, Soumya Kanti Ghosh, said the "word good may have temporarily vanished from the global economy", and the prevailing uncertainty has cast "an enormous spell of hardships across countries".

"However, the good thing is that India still stands like an oasis in this era of uncertainty," it added.

SBI Research compared the cost of living in India with the US, the UK and Germany, by using the rupee as the common denominator for its analysis. "We found that in rupee terms, if the household budget/cost of living was Rs 100 in September 2021 across all countries, it has now increased by Rs 12 in both the US and India, but it has increased by Rs 20 in Germany and Rs 23 in the UK," it said.