New Delhi: Reserve Bank of India (RBI) Governor Shaktikanta Das, while addressing a digital channel at the Foreign Exchange Dealers Association of India (FEDAI) annual program on Thursday, said that the Indian economy has come back stronger than expected and the festive season. There is a need to monitor stability in post-demand.
Governor Shaktikanta Das further said that the Reserve Bank is committed to maintain the functioning of financial markets and we will work to mitigate any negative threat. The approach to view capital account convertibility as a process rather than an event will continue. Shaktikanta Das said that there is a danger of India's growth falling along with the whole world. In the first quarter of the current financial year, the Indian economy recorded a decline of 23.9 %.
According to the Reserve Bank estimates, the Indian economy is expected to decline by 9.5% in FY 2020-21. Das said the growth outlook has improved, but the downside threat to growth persists due to the recurrence of the coronavirus epidemic in Europe and parts of India.
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