Key Points
Shaktikanta Das, Governor, the Reserve Bank of India, says "given the uncertainties that we have, including weather-related events, we would like inflation to durably be around 4%..
Look at the GDP, you mentioned about GDP, you look at the fiscal consolidation which of course is on the fiscal side; look at current account deficit, look at inflation, and you look at the fact that inflation has been brought under some kind of a control without sacrificing or without paying the kind of heavy price which perhaps some of the economies have paid to keep inflation under control...
Therefore, if you look overall, in terms of growth, in terms of inflation, in terms of other macro parameters, like the current account deficit or the economic activities, I think in all respects and in terms of overall stability of the financial sector, the overall stability in the banking sector, the NBFC sector, I think it is perhaps one of the best confluence of factors...
But as I made a reference in the last MPC statement of mine, I think global debt, it is not so much a problem in India because our debt to GDP is at a certain level and it is expected to moderate, about which I have talked about in the last MPC statement and when I say our debt to GDP, I mean the country's debt vis-a-vis external lenders and the debt of the state and the central governments put together, these are all within manageable limits..
Given the kind of momentum of economic activity, the growth momentum which we are witnessing and the kind of high frequency indicators, the data points which we keep getting on a continuous basis, I would not hesitate to say that there is every possibility of the 7.6% growth for the current year being exceeded...
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