Developments in Economic Activity and Prices  The Bank's Forecasts for Economic Activity and Prices (July 2021 Outlook Report) Real GDP Growth Rate 6  y/y % chg.  CPI (All Items Less Fresh Food)  The medians of the Policy Board members' forecasts  5 4  Fiscal 2023 +1.3%  3  2  y/y % chg.
Invoicing of trade in local currencies, which has received fillip with the Reserve Bank of India permitting hedging facility to the non-resident importers in respect of Rupee invoiced exports, could also help reduce reliance on the US Dollar and the vagaries of the movement in the US dollar. Bi-lateral and regional trade blocks could be promoted and used to invoice trade in local currencies.