Reserve Bank of India (RBI) India is one of the fastest growing major economies in the world with growing growth prospects, Governor Shaktikanta Das said on Thursday. He also said that the central bank is committed to taking immediate and decisive action to deal with any risks facing the country’s economy. Das wrote in the preface to the 28th issue of the RBI’s Financial Stability Report (FSR) that achieving price stability at a sustainable and credible level, ensuring stability in debt levels in the medium term, further strengthening the financial sector, and new sources of growth. Creating opportunities and promoting inclusive and green growth remain key priorities at the policy level. The report reflects the collective assessment of the sub-committee of the Financial Stability and Development Council (FSDC) on risks to financial stability and the soundness of the Indian financial system. Das said that the global economy is facing various challenges. Amidst these, the Indian economy is showing strength on the macroeconomic front with a strong financial system. A strong financial system is boosting growth.
capable of handling any risk
“We remain alert and committed to taking immediate and decisive action to prevent any escalation of risks,” he said. The RBI Governor also said that banks are taking steps to curb the “enthusiasm” towards certain segments of retail loans. The Central Bank has recently taken steps for. This reflects its commitment to maintaining financial stability without compromising the availability of funds for the real needs of the economy. He said, “India is one of the fastest growing major economies in the world with growing growth potential. The sharp uptick in growth is the result of strong macroeconomic fundamentals, strong domestic demand and prudence at the level of public policies.
Many new challenges emerged
Das said that certainly the country is facing challenges arising from global crisis and situation arising from technological changes, cyber risks and climate change. In such a situation, RBI’s efforts remain on strengthening the financial system, promoting responsible innovation and promoting inclusive growth. He said that the Reserve Bank and other financial regulators are engaged in maintaining financial stability and promoting a financial system that is capable of dealing with shocks and promoting economic growth.
Will be the fastest growing economy next year also
India is likely to remain the world’s fastest growing major economy in 2024 on the back of strong consumer demand. This will increase investment in sectors like construction, hospitality, infrastructure including railways and aviation. Industry body Assocham said this on Thursday. India has retained the title of the world’s fastest growing major economy. India’s gross domestic product (GDP) growth rate in the July-September quarter of the current financial year 2023-24 has been higher than expected at 7.6 percent on the basis of stimulus from government spending and manufacturing. GDP growth of 7.6 percent far exceeded most estimates. According to official data, the growth rate in the same quarter last year was 6.2 percent, while in the April-June quarter the growth rate was 7.8 percent. India’s GDP growth has overtaken China’s 4.9 percent growth in July-September. At the same time, the economies of western countries are facing the pressure of high interest rates and energy prices.
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