Reserve Bank Governor Sanjay Malhotra stated that India’s macroeconomic fundamentals have remained very strong, and the country has become an anchor of stability in a volatile world.
Malhotra, while addressing at Kautilya Economic Conclave on Friday, said that India’s strong fundamentals have been supportive in maintaining low inflation, good foreign exchange reserves, a narrow current account deficit, and the very strong balance sheets of our banks and corporates.
Key drivers
Governor Malhotra said, “It is the combined efforts of the government’s policy makers, regulators, and regulated entities. All in all, despite recent odds, the economy seems well settled into an equilibrium of resilient growth. This is quite a feat…makes India stand out as an anchor of stability in a volatile world,”
FM Sitharaman on India’s role in global economy
On Friday, Finance Minister Nirmala Sitharaman also spoke about India’s role as a stabilising force in the global economy. Speaking at the Kautilya Economic Conclave, the Finance Minister also cautioned against the risks of imbalances and volatility.
“The international order is morphing. Trade flows are being reshaped, alliances are being tested, investments are being rerouted along geopolitical lines, and shared commitments are being re-examined,” FM said
The Finance Minister added that in this evolving global landscape, India’s economic rise, which has strong foundations in fiscal consolidation, strategic reforms, and controlled inflation, stands out as a source of stability.