RBI governor says India growth story is still intact
Reserve
Bank of India (RBI) governor D Subbarao today, 9 September 2008, said
the current high level of domestic inflation reflects a combination of
supply-side pressures as well as demand-side factors. RBI will be
monitoring the situation closely and continuously, be mindful of the
implications of the monetary stance on the growth prospects, and take
action as appropriate, he said at his first press conference after
taking charge as the RBI governor last week.
India's remarkable
economic expansion from an average of 5% in the '90s to close to 9% in
the recent period has been led by rise in private consumption, rise in
private investment and surge in exports, Subbarao said adding that the
structural India growth story is still intact and credible.
To
sustain and accelerate this growth, financial sector reform, aimed at
improved efficiency and financial stability, will remain important, he
said.
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