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– RBI changed from allocator of scarce resources to enabler of market economy: Das
Mumbai, 01 April (HS). Reserve Bank of India (RBI) Governor Shaktikanta Das on Monday said the RBI has transformed from an allocator of scarce resources to an enabler of the market economy. There is a rise in Gross Domestic Product (GDP) growth in the country, while the inflation rate has decreased. Foreign exchange reserves are at an all-time high.
Shaktikanta Das said this while addressing the program organized here on the occasion of 90th Foundation Day of RBI. The Reserve Bank Governor said that the central bank's endeavor will be to provide a stable and strong financial system in the next decade, which will serve as the basis for the economic progress of the country.
The RBI Governor said in his address that the Indian economy is witnessing a boom compared to other countries globally. He said that despite the Corona pandemic and geopolitical circumstances, well-planned and coordinated monetary and fiscal policies have helped India's economy survive global challenges. Das said that foreign exchange reserves are at an all-time high.
Prime Minister Narendra Modi and Finance Minister Nirmala Sitamaran addressed a program organized in Mumbai on the 90th Foundation Day of RBI on April 1. Many dignitaries including Maharashtra Chief Minister Eknath Shinde, Deputy Chief Minister Devendra Fadnavis and Ajit Pawar were present on the occasion. RBI was established in 1935 as the central bank of India. It was nationalized on January 1, 1949.