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

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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.

Also Read | India will stay ahead of the curve amid global economic slowdown: Stellantis CEO Carlos Tavares

India, as per the report, “performs the best” in terms of food prices. What cost Rs 100 in September 2021 across the four countries, is now up by Rs 25 in the US, Rs 18 in the UK, Rs 33 in Germany and Rs 15 in India, it pointed out.

In the same period, shelter prices went up by Rs 21 in the US, Rs 30 in the UK, Rs 21 in Germany and only Rs 6 in India, it claimed.

Energy prices, during the period, climbed by Rs 16 in India and Rs 12 in the US, the report noted, while adding in the UK and Germany it surged by a staggering Rs 93 and Rs 62, respectively.

“Clearly, there has been a deterioration in cost of living in the aftermath of global mayhem, but India still performs significantly better compared with countries supposed to be the epitome of sound macro management,” it further said.

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