Reserve Bank of India (RBI) Governor Shaktikanta Das on Tuesday, 16 November, said that India's economic growth could occur at a fast pace in the post-pandemic world.
"I firmly believe that India has the potential to grow at a reasonably high pace in the post-pandemic scenario," Das was quoted as saying by news agency ANI.
A number of macro indicators have pointed towards the recovery of the economy, but in order for the growth to be sustainable, private capital investment has to pick up, the RBI governor said, news agency PTI reported.
"There are signs that consumption demand, triggered by the festive season, is making a strong comeback. This should encourage firms to expand capacity and boost employment and investment amidst congenial financial conditions."RBI Governor Shaktikanta Das
Lauding the Union government's decision to reduce the tax on petrol and diesel, Das said:
"The recent cut in excise duty on petrol and diesel by central government and in VAT by several state governments will augment the purchasing power of the people, which, in turn, will create space for additional consumption."
The RBI had previously forecasted the economic growth for the current fiscal (FY22) at 9.5 percent. The retail inflation was projected at 5.1 percent for FY22 by the central bank.
(With inputs from ANI and PTI.)
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