New Delhi: The government is constantly on target due to the economic slowdown in the country. The opposition accused the government of bringing the economy to a trough. However, the government is denying any slowdown in the country. On this issue, RBI Governor Shaktikanta Das said that there is no recession in the world. The RBI governor said the domestic economy remains resilient despite increasing external risks, as foreign debt is just 19.7 per cent of GDP. He said that the decrease in import and export is a matter of concern.
Das called for greater structural reforms to protect the domestic economy from the effects of the global recession. Das has hoped that the reduction in interest rate by the US Federal Reserve will increase investment in the country, but there is a need to be cautious about the future of such funds. Das hoped that the Saudi crisis was short-lived and would have limited impact on inflation.
Das said that the government would have to be less expensive to promote development. Das expressed confidence that inflation would remain below 4 percent for the next 12 months. Governor Shaktikanta Das said that once again there is scope for rate cuts to keep the growth rate and inflation stable. The central government is constantly announcing fresh new concessions to deal with the recession.
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