Mumbai: Amid the heterogeneous economic conditions in the country, RBI Governor Sashikant Das has expressed optimism that the country's growth rate will be 7 percent. Recently, Moody's had lowered the country's growth rate. He said, in the coming five years, the bank will continue to exempt industries from reaching 5 million dollars to the country's economy. Governor Sashikant Das was talking to the Indian Business Community in Singapore. He said, as the financial sector improves, demand will pick up.
The balance sheet of the companies will improve and will have a positive impact on the economy. According to him, accelerating demand is the priority of both the Reserve Bank and the government at present. The RBI Governor said that some structural reforms are needed and I am happy that it is being worked out. The government will increase public spending over the remaining period of this fiscal, which will improve the economy.
Underlining the importance of domestic savings in India's economy, Das said that household savings stood at 17.2 percent of GDP in FY 2017-18, while net financial savings accounted for just 6.6 percent. On the RBI's lowering of the repo rate, he said, we ensured that consumers could get the benefit of the rate cut at the earliest. For this, we are in constant touch with the banks. Das said that while NBFCs may not be doing well, the balance sheets of other sectors are good and their performance is also better. The government is facing a lot of criticism due to poor economic condition.
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