Reserve Bank of India (RBI) Governor Shaktikanta Das said that the inflation figure for October is expected to be less than 7 percent. He said that there is no need to change the inflation target of two to six per cent.
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reserve Bank of India (RBI) Governor Shaktikanta Das On Saturday, it said the inflation figure for October is expected to be less than 7 per cent. He said that there is no need to change the inflation target of two to six per cent. However, there is much debate on changing it. The governor of the central bank said that India’s overall microeconomic fundamentals remain strong amid global volatility. He said that both the government and Reserve Bank Dealing with the challenge of inflation effectively.
Economic growth of the country will be 7% this year: Governor Das
Speaking on the country’s economic growth, Das said that the domestic economy remains strong and the central bank estimates that India’s economic growth will be 7 percent this year. Das also said that the banking sector has remained stable. He said that the growth figures are looking good in the current situation. He estimates that in this seven India will grow at the rate of about seven percent.
The RBI governor further said that the IMF has projected that India will grow at a rate of about 6.8 percent in the current year. And this puts India among the fastest growing major economies in the world. He said that the whole world has suffered three major shocks of the Kovid-19 pandemic, the war in Ukraine and now financial market volatility and the remaining effects are being felt by emerging economies like India.
RBI governor told India’s position better than other countries
While speaking, Das also said that the entire European Union is standing on the verge of recession today. He said that America is still stable. Growth in other countries has also slowed. According to the RBI governor, however, as far as India is concerned, microeconomic fundamentals, financial sector stability, all these things remain strong.
Speaking on inflation, Das also said that it remains a matter of concern, for which the central bank has also increased interest rates. He says that the internal committee of RBI did a detailed analysis and found that inflation target should be kept at 4 per cent with a price band of 2 per cent.