Wednesday, April 17, 2024

RBI at 90 | Country's GDP strong, inflation under control: RBI Governor Shaktikanta Das | leader

Leaders Online: Reserve Bank of India completes 90 years today. RBI Governor Shaktikanta Das addressed a program organized on the occasion in Mumbai. Prime Minister Narendra Modi, Finance Minister Nirmala Sitharaman were present on this occasion. “Today, our GDP growth is strong. Inflation is moderate. The financial sector is stable. The external sector is resilient and foreign exchange reserves are at an all-time high.” Shaktikanta Das said on this occasion. (RBI at 90)

“The Covid-19 pandemic and the ongoing geopolitical conflict have tested the resilience of every economy in the world, including India. But the coordinated monetary and fiscal policies adopted by our country helped protect our economy from these shocks. Helped make us stronger than ever.” He also said. (RBI at 90)

The Reserve Bank of India has played a commendable role in the transformation of India's banking system and economy over the past ten years, Prime Minister Modi said while addressing the RBI's 90th anniversary event in Mumbai on Monday.

“When I attended RBI's 50th anniversary in 2014, the situation was completely different,” PM Modi said, pointing to India's twin balance sheet crisis, banking mess.

India's banking sector was plagued with challenges and problems. Be it NPA, stability of the system and its future, every area was full of doubts. But he mentioned that the situation has improved today.

“The banking system, which was on the verge of collapse, is today seeing profits and setting records in credit disbursements. It was not easy to make such a change in just 10 years. Our policies, intentions and decisions are clear behind this,” said PM Modi. (RBI at 90)

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