“India is witnessing a confluence of factors which is feeding into its growth story. The RBI will, through a prudent approach, do its best to ensure financial stability in the system and create conditions for sustained economic growth,” Shaktikanta Das, Governor, RBI, said on Wednesday at the Annual Session 2023 of the Confederation of Indian Industry.
Addressing the session on ‘Future Frontiers: Competitiveness, Technology, Sustainability, Internationalization,’ Das emphasized on the urgent need to ensure availability and access to technology. He stressed that the future belongs to technology and that industry has a major role to play in technology development. He said that the public and the private sectors should work together to be technology ready.
On macroeconomic stability and the financial sector, the RBI Governor said that NPAs have reduced and the financial sector is resilient. On global growth, he said that the global economy is mired by geopolitical uncertainty, elevated inflation, and volatile financial markets, including banking sector stress, food insecurity and debt distress, among others. Das noted that, on the upside, there has been a slow upturn in global growth, easing of supply chains, moderation of inflation, normalization of financial markets and reopening of Chinese markets, which have all improved sentiments, but the uncertainty continues.
Amidst global churn, the Indian economy has shown resilience and has created requisite buffers to meet geopolitical and domestic challenges. Moderate inflation, robust agriculture performance, predictions of normal monsoon, impressive services sector performance, rise in bank credit, revival of private investment and increase in capacity utilization by industry, among others, are the other major positives for the Indian economy, Da added.
R Dinesh, President Designate, CII, complimented Das for his emphasis on technology and for ensuring sufficient systemic liquidity.
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