The country economy is going through a phase of lethargy. RBI Governor Shaktikanta Das said that only global factors are not responsible for this.
Mumbai: Amid the slowdown in the economy, Reserve Bank of India (RBI) Governor Shaktikanta Das said on Monday that only the global factor is not solely responsible for the economic slowdown in the country. He said that the Reserve Bank will take necessary steps to correct the economic slowdown, increase in inflation, financial condition of banks and NBFCs. Das said that there is a need to discuss the economy on the basis of information and data.
Das said that the Reserve Bank had understood that the pace of economic growth was going to slow down and it started cutting the repo rate from February before the lull started.
He said that India should focus on the manufacturing sector and become part of the global supply chain. Spending on infrastructure from the central and state governments is critical for economic growth.
He said that all developed and emerging economies need to take steps in a coordinated and time bound manner to overcome the global economic slowdown.