India GDP Data: Reserve Bank of India Governor Shaktikanta Das has said that in the current financial year 2023-24, the Indian economy can grow faster than the government's second advance estimate of 7.6 percent. He said that I have no hesitation in saying that in the current financial year the GDP growth rate could be closer to 8 percent rather than 7.6 percent. Expressing hope, the RBI Governor said that the Indian economy will grow at the rate of 7 percent in the next financial year 2024-25.
Target of 4 percent inflation rate
In an interview given to ET Now, the RBI Governor said that even though the inflation rate has come down to 5.1 percent in January 2024, concerns regarding inflation still remain. He said that global geopolitical uncertainties remain, supply chain is also a challenge and prices of food items also remain a cause for concern. RBI Governor said that at present the inflation rate has come down to 5.1 percent but it is still 110 basis points away from our target of 4 percent. He said that the target of RBI is to bring the inflation rate to 4 percent.
Inflation is decreasing
In response to a question about making changes in monetary policy after the decline in inflation rate, the RBI Governor said, we want the inflation rate to remain at 4 percent for a long period, only then we will be confident that inflation has come down. He said it is true that inflation is decreasing.
Action taken against Paytm Payments Bank, not Fintech
Replying to the criticism of the action taken against Paytm Payments Bank, the RBI Governor said, RBI's action is against a regulated entity and not against any fintech company. He said, I am not able to understand this because an attempt is being made to create a narrative that RBI has taken action against the fintech company. He said that this action is against Paytm Payments Bank and I am not defensive about it.
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