Kochi, Nov 17 (IANS) Reserve Bank of India (RBI) Governor Shaktikanta Das has said that the Indian economy is strong enough to handle any adverse fallout from global events.
“Today, the growth of the Indian economy presents a picture of stability and strength,” Das said while addressing an event at the launch of the Kochi International Foundation here.
The country’s external sector is also strong and the current account deficit (CAD) has remained within manageable limits as it presently stands at 1.1 per cent of GDP. Earlier, in 2010 and 2011, it was in the range of six to seven per cent, he added.
The central bank chief also pointed out that India has one of the largest foreign exchange reserves in the world at about $675 billion. He further stated that the country’s inflation was expected to be moderate despite periodic humps.
India’s inflation rose to 6.2 per cent in October from 5.5 per cent in September because of food inflation, he said.
Referring to inflation as an elephant in the room, Das remarked: “Now the elephant has gone out of the room for a walk, then it will go back to the forest.”
He also pointed out that when the Ukraine war started, inflation went up but the RBI followed the right monetary policy, unlike some other countries, and succeeded in keeping the price spiral in check.
“What we did not do in India is also important. RBI did not print notes because if we start printing notes the problems we are trying to resolve will expand and go beyond handling. In many countries the inflation was deep-rooted but ours is moderating,” he added.
“We kept our interest rate 4 per cent, therefore making our recovery much easier,” he pointed out.
Das also highlighted how the RBI is bringing about a transformational change in credit delivery, especially to small entrepreneurs and farmers, through the Unified Payments Interface (UPI) and the Unified Lending Interface (ULI) launched recently.
–IANS
sps/vd
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
