Indian Economy Will Overcome Slowdown: RBI Guv Shaktikanta Das

Bhubaneswar: Reserve Bank of India (RBI) Governor Shaktikanta Das on Saturday expressed confidence that the Indian economy would be able to overcome the current slowdown and return to a high growth path soon.

Speaking at the 49th state-level memorial meet of PrananathPatnaik after his felicitation on the occasion, Das said Indian economy continues to be very strong and resilient.

“Yesterday we announced our monetary policy and we have given out the growth estimate of current year. The growth estimates have been revised downward and notwithstanding the fact that the growth has slowed down, macroeconomic parameters of India remain quite strong,” Das said.

“Whether it is fiscal deficit at 3.3 per cent or the current account deficit at 2 per cent or the inflation which is below the targeted level of 4 per cent or it is the foreign exchange reserve, we have reached the highest level of foreign reserve of about 434.6 billion USD. In several other parameters, Indian economy continues to be very strong and resilient,” the bureaucrat from Odisha said.

“We are quite confident that the Indian economy will be able to overcome the current slowdown and comeback to a high growth trajectory in the coming months and years,” he added.

Das said the measures have been taken by the government over the last six months after the budget including the deduction of corporate tax and the measures taken by the RBI in reducing interest rate by 135 basis points over the last seven months has kept the overall system surplus with liquidity.

“In this kind of environment, we do expect the interest rates to come down. With the measures taken by the government and RBI, I think India should be in a position to revive its growth,” Das added.

Speaking about late freedom fighter Prananath Patnaik, he said, “The commitment ofPatnaikto fight poverty, to help the weaker section of society is an inspiration for all of us. With that kind of inspiration, we all should be dedicated for the cause of the nation, in doing good for the people especially the poorer section of the society.”