The governor of the Reserve Bank of India (RBI) Shaktikanta Das on Friday affirmed that the financial sector of India remains stable and the worst of inflation is behind us. Das emphasized on the resilience of the Indian economy which is expected to be the fastest-growing economy in the world.
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“National Statistical Org has projected growth of 7% in the current yr & 6.5% for the next year & in RBI for the next year, we have given 6.4%. The current year’s growth will be among the highest in major economies of the world. Our financial sector remains stable, worst of inflation is behind us & Indian Rupee has exhibited least volatility among the pear currencies,” Shaktikanta Das said while addressing the 17th KP Hormis Commemorative Lecture at Kochi.
Das pointed out the resilience of the Indian economy despite global shocks like the Covid-19 pandemic, war in Ukraine, etc.
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“Despite the multi & overlapping global shocks to the global economy from COVID-19 Pandemic, the war in Ukraine, & the synchronized monetary policy tightening by the central banks across the world, the Indian economy remains resilient & is expected to be the fastest-growing economy in the world,” the RBI Governor added.
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“Geo-politics has now been taken over by Geo-Economics. According to the IMF, the global economy is now experiencing a process of e-channels and they are trade, technology, capital flows, labor mobility & global governance,” Das said.
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While quoting IMF on the debt distress in various low-income nations, Das affirmed that India’s total debt is within manageable limits.
“India’s total external debts are within manageable limits as per all International standards & methods of assessment of the sustainability of the external debts of a country. According to IMF, 15% of low-income countries are estimated to be already in debt distress,” the central bank governor said.
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He talked about various financial schemes of the government which are addressing the issue of ‘last-mile connectivity.’ The RBI Governor also emphasized the rising importance of digital space and an integrated financial inclusion ecosystem.
“India has been one of the forerunners in addressing the issue of ‘last-mile connectivity’ by leveraging its world-class digital public infrastructure which includes JAM (Jan-Dhan, Aadhaar, Mobile) trinity, UPI, the Open Network for Digital Commerce (ONDC) & Account Aggregators (AA) framework. We are also highlighting the importance of digital identity, digital payments & digital consent-based sharing of data enabling a globally integrated financial inclusion ecosystem,” Das said.
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“What we have in India today is a well-regulated and well-supervised banking sector. The same would apply to the Non-bank financial institution sectors and other financial entities under RBI’s domain,” he added.