RBI Governor Shaktikanta Das met Finance Minister Nirmala Sitharaman and discussed the upcoming credit policy. The meeting lasted for about 40 minutes. It is believed that there was a discussion on the upcoming credit policy, which is going to come next week. This meeting has taken place at a time when the results of the second quarter of the year have been released today.
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The present situation of the economy has also been discussed in the meeting. There was a discussion about the problem of inflation and problems in the banking sector in the country. Also in the banking sector and NBFCs, ie the problem of credit in non-banking financial institutions and credit growth i.e. increase in credit being given by banks to consumers has been discussed. Measures to increase the monitoring of banks and financial institutions and to manage and tighten the end-sons continuous monitoring were discussed.
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Meanwhile, bad news has come on the economic front. The pace of development of the country has decreased further. Quarter 2 GDP declined to 4.5% in the second quarter. It is at the lowest level in the last 6 years. The growth rate in the first quarter was 5%. The government released the figures on Friday evening. This is happening despite all efforts by the government. It is clear that the economy is in ICU. In its year, the agricultural growth rate, manufacturing, and service sector have also recorded a decline. Mining growth in the second quarter was 0.1%, construction growth decreased from 8.5% to 3.3%, manufacturing growth from 6.9% to 1% service sector growth from 7.3% to 6.8%, industry growth from 6.7% to 0.5%.
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