Reserve Bank of India (RBI) governor Shaktikanta Das spoke to Deepshikha Sikarwar and MC Govardhana Rangan about his vision for the financial sector, the economy and how he intends to steer one of the country’s most important institutions. Edited excerpts: The July 5 budget is behind us with the government doing what it could with limited fiscal space. What does the RBI have in its arsenal to boost growth?What we will do in the coming months with regard to interest rates I cannot articulate as it is a decision that the MPC (monetary policy committee) will take. Headline inflation has been low and its projection going forward is also below 4%, but we are still concerned about headline inflation. The core inflation has been moderating and food inflation is inching up which means that by and large there is better price available to the farmers which will augment rural purchasing power. Given the inflation outlook and the growth slowdown as reflected in the lower GDP numbers, the MPC has already cut policy rates by 75 basis points (a basis point is 0.01 percentage point), plus we have shifted the stance to accommodative, which itself implies a rate cut of about… Read full this story
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