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India on the Path of Resilient Growth despite Global Challenges: RBI Governor
25-May-23   10:06 Hrs IST

?India is witnessing a confluence of factors which is feeding into the India growth story. The RBI would, through a prudent approach, do its best to ensure financial stability in the system and create conditions for sustained economic growth,? Mr Shaktikanta Das, Governor, Reserve Bank of India (RBI), said at the Annual Session 2023 of the Confederation of Indian Industry (CII).

Addressing the session on 'Future Frontiers: Competitiveness, Technology, Sustainability, Internationalization,' the RBI Governor's presentation pivoted around four major aspects, namely global economic backdrop, domestic scenario, inflation and RBI policy. On global growth, he said that the global economy is mired by geopolitical uncertainty, elevated inflation, volatile financial markets, including banking sector stress, food insecurity and debt distress, among others. Mr Das noted that, on the upside, there has been a slow upturn in global growth, easing of supply chains, moderation of inflation, normalization of financial markets and reopening of Chinese markets, which have all improved sentiments, but the uncertainty continues.

Amidst global churn, the Indian economy has shown resilience and has created requisite buffers to meet geopolitical and domestic challenges. He added that the Indian economy is projected to grow at 6.5 per cent this year. Moreover, Mr Das added, moderate inflation, robust agriculture performance, predictions of normal monsoon, impressive services sector performance, rise in bank credit, revival of private investment and increase in capacity utilization by industry, among others, are the other major positives for the Indian economy.

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