India's growth rate likely to be 9.5 per cent this year: RBI

MUMBAI: Reserve Bank of India Governor Shaktikant Das has said that the central bank has conveyed its concerns to the government over cryptocurrency. Now the government has to discuss it.

He said the central government now has to decide how to deal with the proliferation of such platforms. "We need credible answers on what the contribution of private cryptocurrency will be to the Indian economy," he said.

The governor said the RBI has projected a GDP growth of 7.5 per cent in the current financial year 2021-2. He said the central bank is optimistic about achieving a growth rate of 7.5 per cent. Das said that by August, the second wave of Kovid-12 had subsided. The growth rate will be better on a quarter-on-quarter basis from the second quarter. Das said the Reserve Bank has decided to place more emphasis on economic growth due to the epidemic. At the same time, it will have to live up to the inflation rate of 3 to 4 per cent set by the government.

The liquidity situation in the global markets is quite simple. This has led to a boom in the domestic market. He clarified that there is no fact that high property prices are affecting inflation. Das further said that the NPA of the banking system has now reached a level where it can be managed. Banks have adequate capital buffer. At the end of the June quarter, the banking system's NPA ratio stood at 7.5 per cent, they added.