The Reserve Bank of India (RBI) Governor Shaktikanta Das on Thursday said many fast indicators are showing an uptick in economic activity and the Reserve Bank is quite optimistic about its 9.5 percent GDP growth estimate for the financial year (FY)  2021-22 at present.

The Governor said the impact of the second wave of COVID-19 has waned by August, and economic growth will be better from the second quarter onwards on a sequential basis. He said, the RBI has decided to give more emphasis on growth because of the pandemic and operate in the 2-6 percent inflation band set by the government for it. The central bank will seek to gradually move towards achieving the 4 percent target over a period of time.

Easy liquidity conditions in the global markets are among the conditions which are leading to a surge in markets domestically, he said, making it clear that there is no evidence of the high asset prices affecting the inflation situation. A call on continuing with the accommodative stance or not will be taken by the rate-setting panel of the RBI, he said, replying to a question and added that it does not see high inflation getting generalised.  The banking system's gross non-performing assets ratio stood at 7.5 percent as of the end of June quarter, and the same is "manageable" as of now, Das added.

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