Shaktikanta Das, Governor of the Reserve Bank of India
Reserve Bank of India (RBI) Governor Shaktikanta Das has said that despite global challenges, the Indian economy is progressing smoothly. Regarding the repo rate, he said that the Monetary Policy Committee (MPC) will take an appropriate decision in this regard in its next meeting to be held in December.
Inflation will soon be under control
Gross inflation in October has exceeded the central bank’s target of six percent. In this regard, Das said that despite fluctuations in inflation from time to time, it is expected to come down. The Governor said that the country’s economy in recent times has performed very well even in the period of prolonged turmoil and has shown fighting capacity.
He told a media event that despite many headwinds in the global economy, such as rising bond yields, fluctuations in commodity prices and rising geopolitical tensions, financial markets have shown strength. The Indian economy is growing smoothly, supported by a strong macroeconomic infrastructure.
read this too
India has a foreign treasure.
With the rupee falling to a new low, Das said India’s external sector has shown strength and stability in the recent period as the current account deficit (CAD) remains at manageable levels. Apart from this, exports of goods have increased, while growth in exports of services remains strong. He highlighted that the country has the fourth largest foreign exchange reserves in the world. As of October 31, foreign exchange reserves of $682 billion are enough to pay all external debt and import payments for one year. The Governor also clarified that the RBI does not fix any exchange rate for the rupee and this intervention is aimed at ensuring orderly movement and avoiding volatility in the currency.
