Indian economy presents a picture of resilience amid global shocks: RBI Governor

RBI Governor Shaktikanta Das on Thursday said that amid global shocks and challenges, the Indian economy presents a picture of resilience and regulators are ready to take appropriate action to maintain financial stability.

In the foreword to the 26th Financial Stability Report (FSR), Das said the international economic order has been challenged and financial markets are in turmoil due to monetary tightening in most parts of the world.

He noted that food and energy supplies and prices are under pressure, the debt crisis is staring at many emerging market and developing economies, and every economy is facing multiple challenges.

Das said, “Amidst such global shocks and challenges, the Indian economy presents a picture of resilience. Financial stability prevails. Domestic financial markets remain stable and fully functional. Banking system strong and well capitalised.” Is.”

Despite formidable global headwinds, he said India’s external accounts remain well supported and viable.

Going forward, Das said the key issues of managing climate change, dealing with unexpected and fresh shocks, if any, further strengthening the buffers of the financial system, harnessing fintech innovations and deepening financial inclusion are key regulatory and policy issues. Will continue to receive priority from manufacturers. ,

In 2023, India is well positioned to play a leading role on the world stage as part of its G20 chairmanship. The Governor said that the biggest challenge for the G20 as a grouping is to rekindle the efficacy of multilateralism.

Furthermore, Das said the central bank recognizes the destabilizing potential of global risks, even as it draws strength from the strong macroeconomic fundamentals of the Indian economy.

“The Reserve Bank and other financial regulators remain vigilant and prompt in ensuring the stability and soundness of our financial system through appropriate interventions, as and when necessary, in the best interest of the Indian economy,” he added.

Leave a comment