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Shaktikanta Das says structural, fiscal reforms must continue

Assessment of the current economic situation is one of the major challenges for RBI, says Shaktikanta Das.

Last Updated: Jan 25, 2020, 08.42 AM IST
NEW DELHI: The Reserve Bank of India’s Governor Shaktikanta Das on Friday said the government is focusing on infrastructure spending, which will augment growth potential of the economy. He also asked states to play an important role by enhancing expenditure.

Das added that structural reforms and fiscal measures have to be continued and further activated to provide a durable push to demand and boost growth.

Speaking at St Stephen's College in Delhi, he said the assessment of the current economic situation is one of the major challenges for the central banks.

“RBI has always been giving due importance to financial stability,” Das said, adding that the focus of financial stability has not only confined to regulation and supervision, but also extending the reach of formal financial system to the unbanked and unserved population.

The governor also said that there is also a focus on promoting secured, seamless and real-time payments and settlements besides financial inclusion.

“This renewed focus on financial inclusion and secured payments and settlements are not only aimed at promoting the confidence of the general public in the domestic financial system, but also improving the credibility of monetary policy for price stability, inclusive growth and financial stability,” he added.

He also highlighted certain potential growth drivers, which could give a significant push to growth. Some of these areas include prioritising food processing industries, tourism, e-commerce, start-ups and efforts to become a part of the global value chain.

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