Reserve Bank of India Governor Shaktikanta Das on Friday said the country's economy is an island of stability despite two Black Swan events and multiple shocks.
"In an ocean of high turbulence and uncertainty, Indian economy is an island of macroeconomic and financial stability," Das told reporters during the post-policy press conference.
He said the financial stability, macroeconomic stability and resilience of growth is being witnessed despite two Black Swan events happening one after the other and multiple shocks.
Generally, a Black Swan event refers to an unpredictable event that has negative consequences. Das did not list out the two Black Swan events that he referred to.
In recent times, the coronavirus pandemic and the Russia-Ukraine war have significantly impacted the global economy. The Monetary Policy Committee (MPC) on Friday increased the repo rate by 50 basis points to 5.40 per cent.
It also decided to remain focused on withdrawal of accommodation to ensure that inflation remains within the target going forward while supporting growth.
The governor said the monetary policy will be calibrated, measured and nimble, going forward. Inflation has peaked and will moderate but is at unacceptably high levels, he said. He also said the country's current account deficit will be manageable and the central bank has the ability to manage the gap.
(This story has been published from a wire agency feed without any modifications to the text. Only the headline has been changed.)
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.