GDP growth getting stronger foothold: RBI

Mumbai: Reserve Bank of India (RBI) remains watchful and the monetary policy is actively disinflationary and supporting growth, Governor Shaktikanta Das said on Thursday.

The government has mandated the RBI to ensure that inflation based on the Consumer Price Index (CPI) remains at four per cent with a margin of 2 per cent on either side. At a symposium in Tokyo, Das also talked about the central bank’s approach to the fintech ecosystem, saying it is customer-centric. There is focus on good governance, ensuring effective oversight, ethical conduct and risk management, and encouraging self-regulation by the fintechs themselves through a Self-Regulatory Organisation (SRO), he said.

Das said the Monetary Policy Committee (MPC) in its October meeting projected CPI inflation at 5.4 per cent for 2023-24, a moderation from 6.7 per cent in 2022-23. The CPI inflation fell to a three-month low of 5 per cent in September. The data for October is scheduled to be released on November 13. Headline inflation, however, remains vulnerable to recurring and overlapping food price shocks, Das said and added that core inflation has moderated by 170 basis points since its recent peak in January 2023. “In these circumstances, monetary policy remains watchful and actively disinflationary to progressively align inflation to the target, while supporting growth,” the Governor said.

…seeks India-Japan’s joint effort in new age tech

New Delhi: There are many collaboration opportunities between India and Japan in semiconductors and resilient supply chains, rare-earths extraction, space technology, artificial intelligence, quantum computing, said RBI Governor Shaktikanta Das in Tokyo on Thursday. “Our partnership could also be potentially strengthened in the sphere of human resources. I am sure the future offers limitless possibilities to deepen our engagements for the benefit of our people and the entire world,” Das said in his address at the Tokyo chamber of commerce and industry.