Politics
RBI should give top priority to growth: PM Modi
New Delhi: Prime Minister Narendra Modi on Monday said the Reserve Bank of India (RBI) has done a good job in managing inflation and should give top priority to accelerating growth.
The RBI should give rapid growth its top priority, while focusing on confidence and stability, Modi said while addressing the RBI's 90th anniversary event in Mumbai.
The prime ministers make their comments just two days before the RBI's monetary policy committee meeting. At its first meeting of the current fiscal year, scheduled for April 3-5, the MPC is expected to keep policy interest rates unchanged.
In order to control rising prices, the RBI sharply raised its policy interest rates in 2022 and left them unchanged since February 2023. Lower interest rates play an important role in accelerating growth.
Modi praised the role of the RBI's Monetary Policy Committee in managing inflation. Measures such as active price monitoring and fiscal consolidation have kept inflation at a moderate level even during difficult Corona times, he said.
Highlighting the importance of creating a balance between inflation control and growth for any developing country, the Prime Minister asked the RBI to become a role model in this area and play a leadership role in the world, thus supporting the entire Southern region.
Speaking at the event, RBI Governor Shaktikanta Das said the evolution of central banks as an institution was closely linked to the development of the Indian economy.
The global unrest resulting from the COVID-19 pandemic and ongoing geopolitical hostilities have tested the resilience of all economies across the world, including India, Das said.
The well-calibrated and coordinated monetary and fiscal policies adopted in our country have largely contributed to protecting our economy from these shocks and helped us emerge even stronger than before, he added.
The RBI Governor added, “It is a matter of satisfaction that today our GDP growth is robust; inflation is moderating; the financial sector is stable; the external sector remains resilient; and foreign exchange reserves are at a record level.
Finance Minister Nirmala Sitharaman said the RBI's professional management had significantly improved India's ability to deal with external imbalances and uncertainties.
“The RBI, in fact, was one of the first to recognize the non-transitory nature of inflation. One of the few central banks, if I may say so, to accelerate policy rate hikes in particular,” he said. declared the Minister of Finance. .
Modi released a commemorative coin to mark 90 years of RBI. The Indian central bank is governed by the Reserve Bank of India Act, 1934. She began operations on April 1, 1935.
From a central bank primarily concerned with the allocation of scarce resources during the planning period, the Reserve Bank has become a catalyst for the market economy. We are a full-service central bank whose functions span multiple dimensions, RBI Governor Das said, highlighting the evolution of Indian central banking over the last nine decades.
(Published April 1, 2024, 10:18 p.m. EAST)
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