Indian Economy Sailing Through Smoothly Due To Stable Financial System: RBI Governor Shaktikanta Das
Last Updated:
RBI Governor Shaktikanta Das says emerging market economies are showing more resilience.
RBI Governor Shaktikanta Das was speaking at the CNBC-TV18 Global Leadership Summit.
RBI Governor Shaktikanta Das on Thursday said the Indian economy is sailing through smoothly due to a stable financial system. He also said that global trade is projected to remain higher this year.
Speaking at the CNBC-TV18 Global Leadership Summit, the RBI governor said, “The Indian economy is sailing through smoothly due to stable financial system… India has the fourth largest foreign exchange reserves in world. It can cover 12 months of import. Our exchange rate policy is well articulated. The RBI does not target band or exchange rate exchange rate is a barometer of the economy’s strength. Weighted average call money rate remained stable and closely align to repo rate.”
The RBI governor also said emerging market economies are showing more resilience.
“Our primary focus has been to maintain financial stability for growth and prosperity… We remain consistent with its mandate of price stability,” he said.
Amid expectation of interest rate cut by RBI, Das said, “The challenge for central bankers has always been between doing too little or too late on the one hand, and too much and too early on the other.”
“Monetary policy coming up in the first week of December. Will reserve my comments,” said RBI Governor minutes after Commerce Minister Piyush Goyal pitched for interest rate cut at the same event.
Goyal also said the average inflation in India in the last 10 years of the Modi government has been the lowest since Independence.
