In a recent address, Reserve Bank of India (RBI) Governor Shaktikanta Das shared valuable insights on various aspects crucial to India’s economic landscape.
1. Growth Outlook: Das highlighted a positive growth trajectory for the Indian economy, with the National Statistical Office (NSO) forecasting a 7.6% growth in FY24. He emphasized that this sustained growth, averaging 8% over a three-year period, signifies an increase in the country’s potential growth.
2. Financial Stability:Â Addressing the importance of governance and regulatory compliance, Das stressed that Non-Banking Financial Companies (NBFCs) and other financial entities must prioritize these factors. Considering their operation with public funds, maintaining quality governance is imperative. He emphasized that ensuring financial stability is a collective responsibility, with the RBI committed to engaging with financial entities.
3. Forex Reserves Management: Das highlighted India’s record-high foreign exchange reserves, reaching $645.6 billion as of March 29. He discussed the impact of geopolitical events such as the Ukraine-Russia conflict, which led to temporary fluctuations in reserves. Emphasizing prudent management, Das assured that India’s forex reserves were utilized judiciously, serving as a robust safeguard during times of economic uncertainty.
Overall, Das’s insights provide valuable perspectives on growth, financial stability, and forex management crucial for India’s economic resilience and prosperity.