RBI's objective is to arrest moderation in growth: Subbarao
|
Mumbai: The Reserve Bank's main policy objective in the global crisis of today would be to arrest the moderation in economic growth and restore the eroded market confidence, apex bank Governor D Subbarao said.
RBI eases subordinated debt rules for PDs
"In a crisis of this nature and magnitude, no country is an island ... India too is hit by the crisis ... The main objective (at present) is to arrest the moderation in growth," RBI Governor D Subbarao told a seminar organised by Ficci here.
The moderation in the country's growth has been more steep than expected, Subbarao said, adding that the fundamentals remain strong and will help India to recover from the global financial crisis faster.
The Government had projected a GDP growth rate of 7.1 per cent in 2008-09.
RBI extends date for liquidity to fin cos
The strong fundamentals of the economy helped India to clock an average nine per cent growth rate in the last four years, Subbarao said.
"Once the world economy regains growth, India's recovery will be much faster and steeper than the rest of the world," Subbarao said.
More India business stories | Get the latest Sensex update
Subbarao said banks are yet to respond to the policy actions as much as warranted.
- Petrol carmakers announce up to Rs 50000 in discounts Read 359 Times
- A Chennai restaurant's unique Saturday night dinner Read 245 Times
- Nude maid service raising eyebrows in Texas city Read 211 Times
- Congress slams Trinamool over petrol price hike protest Read 122 Times
- Air India flies out stranded British Airways passengers Read 107 Times
