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No recession in global economy, India's external sector shows great resilience, viability: RBI Governor

Reserve Bank of India (RBI) Governor Shaktikanta Das, while addressing at the Bloomberg India Economic Forum 2019, stated, "India's external sector has exhibited resilience and viability. The current account deficit has averaged 1.4% of GDP over the last 5 years and remains comfortably financed in spite of global spillovers imparting risk-on-risk-off volatility to portfolio flows". Das further said that the level of foreign exchange reserve has been at USD 429 billion on Sept 13, sufficient to cover close to 10 months of imports or 21 months of debt of residual maturity up to 1 year. He added that the global environment is challenging, but it offers opportunities as well. By the IMF's assessment, India will account for a sixth of global growth in 2020. Src: https://bit.ly/2mj4qXx

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5% GDP growth a surprise, much worse than predictions: RBI Governor Das

Recently the Reserve Bank of India’s Governor Shaktikanta Das has shown his concerns about the current economic meltdown which the country is facing. Das has said, “We (the RBI) predicted growth at 5.8 per cent. Nobody predicted less than 5.5 per cent. The number came as a surprise, worse than all predictions." He also added that the economy could recover following the measures undertaken by the government. Src: https://bit.ly/2kN8hfb

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