SME Times is powered by   
Search News
Just in:   • RBI hikes interest rates on NRI foreign currency deposits  • RBI raises limit of collateral-free agriculture loans to Rs 2 lakh  • CRR cut to support growth, repo rate decision on expected lines: Industry  • Bhutan King arrives in New Delhi for two-day official visit  • Kejriwal accepts Delhi Assembly Speaker Goel's request for retirement from electoral politics 
Last updated: 18 Nov, 2024  

rbi   Indian economy capable of handling global shocks: RBI Governor

IANS | 17 Nov, 2024

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.

 
Print the Page
Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
84.35
82.60
UK Pound
106.35
102.90
Euro
92.50
89.35
Japanese Yen 55.05 53.40
As on 12 Oct, 2024
  Daily Poll
Will the new MSME credit assessment model simplify financing?
 Yes
 No
 Can't say
  Commented Stories
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter