Acknowledging the development is impulsive, and the fast-moving economic indicators are strong, Reserve Bank of India (RBI) Governor Shaktikanta Das exuded confidence in the economy that projected 9.5 per cent growth this fiscal year.
They mentioned the measures taken by the centre and the RBI for faster recovery. Das said that the fiscal and taxation reforms had played a key role in running growth and renewing confidence. But as the monetary regulations have nearly reached their limits, in the future, the administration needs to be in the lead to achieve faster growth, and the RBI can continue to support and revive the economy destroyed by the Covid-19 pandemic.
Referring to the measures taken by the government since the pandemic, the governor mentioned tax cuts on fuels, tax resolution for the telecom sector, annulling of the retro tax law, sale of Air India, and PLI scheme as the significant reform. “Though rising global crude rates and geopolitical issues are challenges to growth, the overall growth outlook is quite favourable for us. I am very confident that our GDP will grow by 9.5 per cent this fiscal as all growth impulses are powerful, and the fast-moving indicators are more robust.