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India better off than any country, asserts RBI Rajan
Highlights
As the markets and the rupee crashed to new lows, RBI governor Raghuram Rajan said that the country is in a better position than many other economies.
As the markets and the rupee crashed to new lows, RBI governor Raghuram Rajan said that the country is in a better position than many other economies.
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“I wish to reassure markets that all macro-economic factors are under control. The country has forex reserves of $380 billion, inflation is moderating, production is picking up,” he said, in a bid to talk up the markets. The turmoil in the currency market has “been long-coming and China is only the last step in it,” he said.
Addressing the meet on Inclusive Growth with Disruptive Innovations’, organised by Ficci and Indian Banks’ Association, Dr. Rajan said, “While low inflation for a while will lower the public’s inflationary expectations and increase their real disposable income, in order to achieve a sustainable victory against inflation, the public has to believe that inflation will stay low even after commodity prices start picking up in the future.”
The RBI, he said, has to have credibility that it will act firmly against any future inflationary threats and this is embodied in the historic agreement with the government, wherein RBI’s mandate is clearly spelled out — meeting the targeted inflation number.
He said that there could be no trade off between growth and inflation. They have to be seen together. “My focus is ensuring a sustainable growth.” There is much to be optimistic about, including big investments in infrastructure, the tremendous sweep of IT across every facet of Indian life.”
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