Indian economy not at risk of recession but will bear some losses due to this: RBI

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Image - RBI Says, Twitter

New Delhi, 21-December-2022, Wednesday

Reserve Bank of India Governor Shaktikanta Das said India's fundamental economic activities are strong but global factors will cause some 'damage' to the economy. The RBI Governor said, RBI monitors 70 bullish indices and these indices are in good condition.

Indian financial sector in better shape

Shaktikanta Das further said that the impact of external demand will influence the economy. The RBI earlier this month cut its growth forecast for the next financial year 2023-24 to 6.8 percent from seven percent previously. Das said the Indian financial sector is undergoing a transformation of sorts and is in a much better shape, thanks to both the regulator and the financial sector companies. The RBI governor said that monetary policy will continue to be guided by domestic factors on inflation and growth. Also, monetary policy also takes into account other inputs such as the actions of the US Federal Reserve Bank.

Efforts to curb inflation continue

Regarding inflation, RBI Governor Shaktikanta Das said that all coordinated efforts have been made between the government and the central bank to control inflation. There is no big gap between deposit and credit growth, he said. Aadhaar shows the impact deposit and credit growth figures separately. Credit growth was Rs 19 lakh crore till December 2-2022, while deposit growth was recorded at Rs 17.5 lakh crore, he said.

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